Nemo Protocol on Sui Network Hit by $2.4M USDC Hack
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BTCCSquare news:
Nemo Protocol, a yield trading platform built on the Sui blockchain, has been exploited for $2.4 million in USDC. The attacker Leveraged vulnerabilities to drain funds, then obscured the trail by bridging stolen assets from Arbitrum to Ethereum via Circle's cross-chain infrastructure.
The breach underscores persistent security gaps in decentralized finance, even as institutional adoption grows. Sophisticated cross-chain money movements now complicate recovery efforts, highlighting the need for robust safeguards in smart contract design and protocol monitoring.
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