Sui-based DeFi platform Nemo Protocol was exploited for $2.4 million in stablecoins.
The incident was first reported by security firm PeckShield, which added that the hacker has already bridged the stolen USDC from Arbitrum to Ethereum.
Nemo acknowledged the exploit at 3:27 a.m. ET time on Monday in a community announcement on its Telegram channel. It had previously notified the community that its Nemo App will undergo maintenance on Monday and Tuesday.
“Dear Nemo Community, a security incident occurred last night, impacting the Market pool,” the Nemo team wrote. “We are investigating the matter and have suspended all smart contract activity for the time being. We plan to share when more information becomes available.”
The platform stated that all vault assets are secure, though Nemo has yet to identify the root cause of the exploit publicly. The Block has reached out to Nemo for further comment.
Nemo Protocol is a yield infrastructure and native yield-trading platform built on Sui, designed to improve DeFi interactions. It focuses on yield tokenization, enabling users to trade, hedge, or leverage yields more efficiently.
This is a developing story.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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