Nemo Protocol Hacked for $2.4M, Funds Already Bridged to Ethereum

Nemo Protocol, a yield trading protocol based on the Sui SUI $3.43 24h volatility: 1.2% Market cap: $12.25 B Vol. 24h: $743.34 M network, saw a massive exploit early in the morning on Sept. 8.

According to the on-chain security firm PeckShield, hackers drained $2.4 million in USDC USDC $1.00 24h volatility: 0.0% Market cap: $72.60 B Vol. 24h: $4.57 B from the trading protocol.

The attackers soon started moving the stolen USDC from the Arbitrum network and swapped to DAI DAI $1.00 24h volatility: 0.0% Market cap: $4.48 B Vol. 24h: $80.75 M and Ethereum ETH $4 299 24h volatility: 0.2% Market cap: $518.77 B Vol. 24h: $17.31 B . The reason behind the swaps is that Circle, the firm behind the second-largest stablecoin, can freeze the assets — this would’ve left the fraudulent actors with no usable money on the blockchain.

With decentralized assets like DAI or ETH, this is no longer possible.

Hiding behind Maintenance

While Nemo still hasn’t shared the news with its community, many users have been complaining about the company’s maintenance notice.

One of its users posted on X that Nemo hinted at an ongoing maintenance on Sept. 8 and 9 on its Discord “a few hours before they went down.”

The user hinted that the website is “wipe of info.”

Nemo Protocol website showing front-end upgrade notice | Source: app.nemoprotocol.com/market

Data from DefiLlama also shows a $5.3 million decline in Nemo Protocol’s total value locked.

Nemo was the third victim in the industry to lose millions to hackers this month. September kicked off with the $2 million OlaXBT hack, followed by the $8.4 million Bunni protocol exploit. According to a Coinspeaker report, crypto-related hacks have been consistently rising over the past three months. In August alone, hackers stole over $163 million from multiple platforms and companies in the space.

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