Nemo Protocol Loses $2.4M in Sui Network Hack

Nemo Protocol, a decentralized finance (DeFi) platform on the Sui Network, suffered a $2.4 million exploit, marking another high-profile security breach in the crypto space. The attack drained funds primarily in USDC, which the hacker later bridged from Arbitrum to Ethereum via Circle's service.

PeckShield first flagged the incident, noting a sharp decline in Nemo's total value locked—plummeting from $6 million to $1.54 million post-hack. The team confirmed the breach via Telegram, suspending all smart contracts pending investigation. "A security incident impacted the Market pool," the announcement read, promising updates.

The exploit reignites concerns about sui Network's security infrastructure and broader DeFi vulnerabilities. Such incidents erode user trust, particularly when protocols fail to safeguard pooled assets. The rapid fund movement across chains underscores the challenges of tracing and recovering stolen crypto.