Nemo Protocol on Sui Blockchain Bleeds $2.4M in Oracle Exploit—Here’s What Went Wrong

Another day, another DeFi exploit—this time hitting Sui's ecosystem hard.

Oracle Manipulation Strikes Again

Nemo Protocol got rekt for $2.4 million thanks to a classic oracle vulnerability. Attackers manipulated price feeds to drain funds—because why innovate when old tricks still work?

Smart Contracts, Dumb Risks

The exploit targeted Nemo's lending logic, exploiting outdated data sources. No fancy zero-days needed—just brute-force economic manipulation while the protocol slept.

DeFi's Recurring Nightmare

Oracle failures remain crypto's groundhog day. Protocols keep reinventing the same risks while VCs cash exit checks. But hey—at least the blockchain didn't stop ticking.

Another 'decentralized' finance lesson funded by user losses. Maybe next time we'll actually learn.

Ongoing Concerns for DeFi Security

The incident adds to the string of attacks that have hit the decentralized finance sector in recent days. On September 4, decentralized exchange Bunni admitted that a rounding error in its smart contract had been exploited, costing the platform $8.4 million through manipulated liquidity pools and flash loans. 

Just two days earlier, Venus Protocol paused operations after a phishing scam drained $13 million from a user’s wallet.

This exploit shows how SUI is still young, and security hasn’t fully caught up with its growth. Oracles keep turning out to be a weak spot in DeFi, and hackers know exactly how to use wrong prices to drain money. Nemo hasn’t shared a detailed update yet, and now all eyes are on what they’ll do to recover funds and protect users.

This is a developing story. More details are anticipated.

Also Read: Hackers Use EIP-7702 to Rob WLFI Token Wallets: Xian