Nemo Protocol, a DeFi platform constructed on the Sui blockchain, was hacked for $2.4 million late on Sunday, in keeping with blockchain safety agency PeckShield.
The assault preceded scheduled upkeep on the platform deliberate for Monday and Tuesday.
In a tweet, Nemo protocol acknowledged {that a} “safety incident” had affected its market pool. “We’re investigating the matter and have suspended all sensible contract exercise in the intervening time. We plan to share when extra info turns into accessible,” it added.
Nemo skilled a safety incident occurred final evening, impacting the Market pool.
We’re investigating the matter and have suspended all sensible contract exercise in the intervening time. We plan to share when extra info turns into accessible. All Vault belongings stay untouched.…
The incident comes throughout a grim 12 months for crypto safety. In accordance with Chainalysis’ 2025 Crypto Crime Mid-Yr Replace, hackers have already stolen greater than $2.17 billion from cryptocurrency companies, surpassing the full losses recorded in all of 2024. A lot of that determine stems from the record-breaking $1.5 billion theft from trade ByBit, attributed to North Korean actors.
By June, service hacks had stolen 17% greater than in 2022, beforehand the worst 12 months on document. If present developments proceed, losses may prime $4 billion by 12 months’s finish. Whereas centralized companies nonetheless make up the majority of the harm, attackers are additionally more and more concentrating on people, with “wrench assaults” and private pockets compromises gaining floor as favored techniques.
Nemo added that each one Vault belongings stay untouched, although group members have reported by way of Discord that the protocol was not displaying their belongings deposited in its vault function.
Group frustration has constructed after moderators on Telegram and Discord went quiet. “I ponder why there isn’t any message from the official staff besides the very imprecise announcement?” one member requested, echoing issues of others concerning the lack of follow-up.
Nemo has not but responded to requests for remark or additional clarification of the exploit, together with from Decrypt.
Nemo describes itself as a yield infrastructure on Sui. Its founder and CEO, Alex Yeung, seems to have little on-line presence and was solely identifiable by way of adverts for talks and AMAs. Nemo’s web site offers no additional particulars concerning the staff and the hyperlink to its contact web page is damaged.
A LinkedIn profile for the corporate’s Web3 undertaking progress lists the person as working remotely from Shanghai—the place crypto buying and selling is banned—whereas one other account with simply three connections claims to be a co-founder primarily based in Dubai.
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