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By Wahid Pessarlay
Editor Julia Sakovich
Updated
2 mins read
Nemo Protocol, a yield trading protocol based on the Sui SUI $3.45 24h volatility: 1.7% Market cap: $12.31 B Vol. 24h: $853.57 M network, saw a massive exploit early in the morning on Sept. 8.
According to the on-chain security firm PeckShield, hackers drained $2.4 million in USDC USDC $1.00 24h volatility: 0.0% Market cap: $72.58 B Vol. 24h: $6.22 B from the trading protocol.
#PeckShieldAlert @nemoprotocol on @SuiNetwork has been exploited for $2.4M
The hacker bridged $USDC via Circle from Arbitrum to Ethereum. pic.twitter.com/QSB0ec7TZy
— PeckShieldAlert (@PeckShieldAlert) September 8, 2025
The attackers soon started moving the stolen USDC from the Arbitrum network and swapped to DAI DAI $1.00 24h volatility: 0.0% Market cap: $4.47 B Vol. 24h: $98.52 M and Ethereum ETH $4 302 24h volatility: 0.1% Market cap: $519.16 B Vol. 24h: $19.64 B . The reason behind the swaps is that Circle, the firm behind the second-largest stablecoin, can freeze the assets — this would’ve left the fraudulent actors with no usable money on the blockchain.
With decentralized assets like DAI or ETH, this is no longer possible.
While Nemo still hasn’t shared the news with its community, many users have been complaining about the company’s maintenance notice.
One of its users posted on X that Nemo hinted at an ongoing maintenance on Sept. 8 and 9 on its Discord “a few hours before they went down.”
Does anyone else think something's not right over at @nemoprotocol? This is at least the third time they've gone dark since April, this time with zero notice. I mean, zero notice here on X, where they have their largest audience. The posted something only for their Discord users…
— AllUnderControl「🦑」 🐝 ⛺🧙♂️,🧙♂️ (@AllUnderCTRL3) September 8, 2025
The user hinted that the website is “wipe of info.”
Nemo Protocol website showing front-end upgrade notice | Source: app.nemoprotocol.com/market
Data from DefiLlama also shows a $5.3 million decline in Nemo Protocol’s total value locked.
Nemo was the third victim in the industry to lose millions to hackers this month. September kicked off with the $2 million OlaXBT hack, followed by the $8.4 million Bunni protocol exploit. According to a Coinspeaker report, crypto-related hacks have been consistently rising over the past three months. In August alone, hackers stole over $163 million from multiple platforms and companies in the space.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.
