Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Nemo Protocol Hacked for $2.4M, Funds Already Bridged to Ethereum

Nemo Protocol Hacked for $2.4M, Funds Already Bridged to Ethereum

CoinspeakerCoinspeaker2025/09/07 16:00
By:By Wahid Pessarlay Editor Julia Sakovich

Bitcoin whales have sold over $12.75 billion in BTC in the past month, raising fears of further price pressure in the coming weeks.

Key Notes

  • Nemo Protocol was hacked.
  • The attacker has already bridged the funds to Ethereum.
  • The protocol didn’t officially post any data about the suspicious movements.

Nemo Protocol, a yield trading protocol based on the Sui SUI $3.48 24h volatility: 2.3% Market cap: $12.43 B Vol. 24h: $911.00 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: $72.50 B Vol. 24h: $10.44 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: 0.1% Market cap: $4.48 B Vol. 24h: $100.25 M and Ethereum ETH $4 337 24h volatility: 0.8% Market cap: $522.50 B Vol. 24h: $22.00 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.

Hiding behind Maintenance

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 Hacked for $2.4M, Funds Already Bridged to Ethereum image 0

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.

next
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!