Nemo Protocol, a decentralized finance (DeFi) platform built on the Sui blockchain, was the target of a cyberattack that resulted in the loss of $2.4 million in stablecoins.
Sui-Based Nemo Protocol Hit by $2.4 Million Hack
Blockchain security firm PeckShield was the first to report the incident. The company reported that the attacker transferred the stolen USDC from Arbitrum to the Ethereum network. Following the attack, the Nemo team confirmed the incident and updated the community in a statement on Telegram today.
“Dear Nemo community, a security incident occurred last night and our Market pool was affected. We are investigating the matter and have suspended all smart contract activity for the time being,” the statement read. The platform also previously announced that the Nemo app would undergo maintenance on Mondays and Tuesdays.
Although the company announced that assets in all vaults are safe, the exact cause of the attack has not yet been shared.
Nemo Protocol is a yield-trading platform built on the Sui network, focused on yield infrastructure and efficiency. It provides users with efficient trading, hedging, and leveraged trading through yield tokenization.
This incident once again highlighted that security vulnerabilities still pose serious risks in the DeFi industry.
*This is not investment advice.