Nemo Protocol fell victim to a hacking attack on Sui Network, resulting in a $2.4 million theft of USDC. This incident raises questions regarding blockchain protocol security.
Hack on Nemo Protocol
Nemo Protocol experienced a hacking incident leading to a loss of $2.4 million in USDC. The attack occurred on Sui Network on September 8, 2025. The theft was executed via the Arbitrum-to-Ethereum bridge, as reported by PeckShieldAlert.
Stablecoin Market Remains Steady
Despite the loss, the price of USDC remains stable at $1.00, with a market cap of $72.55 billion. According to CoinMarketCap, its dominance in the stablecoin market stands at 1.89%, indicating that the recent incident has not affected the overall stability of the asset.
Security Issues in DeFi
The incident with Nemo Protocol highlights the ongoing risks associated with decentralized finance infrastructure. Security issues persist even as efforts are made to improve blockchain technologies. Experts from Coincu Research point out potential regulatory developments emphasizing security protocols.
The hacking incident involving Nemo Protocol emphasizes the importance of secure technologies in decentralized finance. How teams and regulatory bodies respond to such incidents will be crucial for the growth and popularity of blockchain.
