It has been reported that the Nemo protocol was hacked on the Sui Network, losing approximately $2.4 million. The savage act highlights the constant battle against malicious actors in the DeFi (decentralized finance) space while sending a ripple of concern across the community.
The incident was first reported by security firm PeckShield, which said the hacker has already moved the stolen USDC from Arbitrum to Ethereum using Circle’s bridging service. Following the hack, the total value locked in the Nemo yield trading tanked to $1.54 million from over $6 million, according to data source DeFiLlama.
Nemo team acknowledged the exploit on Monday in a community announcement on its Telegram. According to the Block, Nemo team wrote, “Dear Nemo Community, a security incident occurred last night, impacting the Market pool.”
“We are investigating the matter and have suspended all smart contract activity for the time being. We plan to share when more information becomes available,” the team added.
These type of large security breach actions inevitably raises questions about the overall security posture of Sui Network. This can erode user confidence and damage the network’s reputation.
Moreover, the future projects building on Sui may face increased scrutiny regarding their smart contract security and audit processes.
Nemo’s absence in sharing the updates regarding the news has distressed the community even more. Users are now questioning on social media, asking about the whereabouts of Nemo.
Nemo is the third big victim of the hackers this month. Earlier in September, $2 million was stolen from OlaXBT, and then $8.4 million from the Bunni protocol. Looking at the cycle of hacks in 2025, it is confirmed that these frauds have been rising for the last three months. In August alone, hackers stole more than $163 million from different platforms and companies.
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