Nemo, a yield optimization protocol built on the Sui blockchain, fell victim to a $2.4 million exploit on Monday, highlighting ongoing security risks in decentralized finance (DeFi).
The attacker siphoned USDC, the dollar-pegged stablecoin from Circle, and reportedly bridged the stolen funds from Arbitrum to Ethereum, according to blockchain security firm Peckshield.
Nemo allows users to tokenize staked assets into Principal Tokens (PT) and Yield Tokens (YT), providing options to trade, hedge, or speculate on future yields. Following the attack, the protocol’s total value locked (TVL) dropped sharply to $1.53 million from over $6 million, according to DeFi analytics platform DeFiLlama.
The incident underscores the persistent vulnerabilities in DeFi platforms, even as institutional adoption of digital assets continues to grow.
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