Hacker Drains $2.4M From Sui-Based Protocol

Another exploit has shaken the decentralized finance sector, this time hitting Nemo Protocol, a yield platform built on the Sui blockchain.

Roughly $2.4 million in USDC was drained before the attacker bridged the funds onto Ethereum, according to early reports from blockchain security trackers.

Unexpected Breach

The exploit became public after PeckShield flagged suspicious movements tied to Nemo’s Market pool. Shortly afterward, the protocol’s team confirmed the incident in its community channels, saying all smart contract functions were immediately paused while engineers investigate.

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Damage Control

Nemo’s developers reassured users that vault assets were unaffected, though the exact flaw behind the attack has not yet been disclosed. For now, activity on the platform remains suspended while the team works to isolate the vulnerability.

A Setback for Sui DeFi

Nemo, known for introducing yield-tokenization features to Sui’s DeFi ecosystem, had been positioning itself as infrastructure for trading and hedging yield strategies. The exploit marks one of the largest security breaches yet on Sui, raising questions about how secure emerging ecosystems are compared to longer-established DeFi hubs.

For the moment, users can only wait for Nemo’s investigation to conclude — and for the team to outline whether stolen funds can be recovered or if compensation measures will be considered.

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