The post Sui-based Nemo Protocol exploited for $2.4m appeared on BitcoinEthereumNews.com.

Nemo Protocol, a DeFi yield platform built on the Sui blockchain, has been hit by an exploit that drained millions in stablecoins.  Summary Nemo Protocol was exploited for $2.4 million, resulting in its TVL plunging from over $6 million to about $1.5 million. Cetus Protocol on Sui was similarly hacked in May, with $162M frozen on-chain and $60M bridged out, marking another major exploit on the network this year. DeFi hacks have surged in 2025, with $2.37 billion lost in the first half of the year. PeckShieldAlert first flagged the breach on September 8, posting on X that roughly $2.4 million in USDC had been stolen from Nemo. The attacker quickly bridged the stolen funds from Arbitrum to Ethereum, according to the blockchain security firm’s analysis.  Nemo confirmed the attack in a tweet shortly after, adding that an investigation is underway to determine the cause of the breach. The protocol also suspended all smart contract activity in the meantime. Nemo experienced a security incident occurred last night, impacting the Market pool. We are investigating the matter and have suspended all smart contract activity for the time being. We plan to share when more information becomes available. All Vault assets remain untouched.… — Nemo (@nemoprotocol) September 8, 2025 The fallout was immediate. Data from DeFiLlama shows that Nemo’s total value locked (TVL) plunged to about $1.53 million, down sharply from more than $6 million before the attack. The exploit targeted the protocol’s yield-trading system, which allows users to split staked assets into Principal Tokens (PTs) and Yield Tokens (YTs) in order to speculate on future returns. Questions have arisen around the exact cause of the breach, and the scale of the losses has already rattled the protocol’s community. The attack gives fresh urgency to broader concerns around security on Sui, coming…

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Filed under: News - @ September 8, 2025 5:27 pm