Nemo Protocol, a DeFi project on the Sui ecosystem, fell victim to a serious attack, causing an estimated loss of 2.4 million USDC. All smart contracts of the project were immediately suspended to prevent further spread of the risk, while the development team urgently investigated the cause.
According to on-chain data, the stolen funds were transferred from the Arbitrum network to Ethereum, a method often used by hackers to complicate tracing. The incident caused Nemo's total value locked (TVL) to plummet from over $6 million to just about $1.54 million in a short period of time.
The investor community is confused by this situation, because Nemo was once XEM one of the emerging protocols on Sui with impressive TVL growth. After the official announcement, the project committed to continuously update the investigation process as well as find solutions to protect users' rights.
Nemo Protocol is a DeFi (decentralized finance) platform specializing in yield optimization built on the Sui blockchain. Nemo was developed with the goal of bringing flexibility and high efficiency to users participating in DeFi investment activities.
