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Nemo Protocol Exploited for $2.4 Million on Sui as Attacker Shifts Funds Off USDC

On-chain traces indicate the thief bridged the USDC to Ethereum to reduce the chance of a freeze by Circle.

Sui based yield protocol nemo exploited for $2.4m in usdc
hacker breach scam

Overview

  • PeckShield flagged the Sept. 8 breach, reporting roughly $2.4 million in USDC drained from Nemo’s market pool.
  • The attacker routed the USDC via Circle from Arbitrum to Ethereum and then swapped portions into DAI and ETH to avoid potential stablecoin freezes.
  • Nemo’s team said in community channels that smart contract functions were paused for investigation and stated that vault assets were unaffected.
  • DefiLlama data shows Nemo’s total value locked fell by about $5.3 million following the incident.
  • Users reported a maintenance notice and limited communication before the confirmation, as the hack adds to early-September DeFi hits after OlaXBT ($2 million) and Bunni ($8.4 million), with August losses topping $163 million sectorwide.