Nemo Protocol Exploited for $2.4 Million in USDC on September 8
Nemo Protocol, a yield trading protocol on the Sui network, was exploited on September 8, resulting in a loss of $2.4 million in USDC. Key points include:
- Hackers drained funds via a bridge from Arbitrum to Ethereum.
- Stolen USDC was swapped for DAI and ETH to avoid asset freezing by Circle.
- Nemo Protocol has not communicated the incident with its users.
- Users reported maintenance notices just before the exploit occurred.
- The total value locked in Nemo Protocol declined by $5.3 million.
- This incident marks the third significant hack in the crypto sector this month, following an $2 million OlaXBT hack and an $8.4 million Bunni protocol exploit.
- Crypto-related hacks have reportedly increased, with over $163 million stolen in August alone.
Nemo Protocol website showing front-end upgrade notice