Nemo, a yield optimization platform built on the Sui blockchain, suffered a $2.4 million exploit on Monday, underscoring persistent security challenges in decentralized finance (DeFi).
The attacker stole USDC, the dollar-pegged stablecoin issued by Circle, and reportedly bridged the funds from Arbitrum to Ethereum, according to blockchain security firm Peckshield.
Nemo allows users to split staked assets into Principal Tokens (PT) and Yield Tokens (YT), enabling trading, hedging, or speculation on future yields. After the breach, the protocol’s total value locked (TVL) fell sharply to $1.53 million from over $6 million, according to DeFi analytics platform DeFiLlama.
The incident highlights that even as institutional adoption of digital assets grows, DeFi platforms remain vulnerable to sophisticated attacks, reinforcing the need for stronger security measures across the ecosystem.
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