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By Omkar Godbole, AI Boost|Edited by Sheldon Reback
Sep 8, 2025, 7:48 a.m.
- Nemo, a yield protocol on the Sui blockchain, suffered a $2.4 million exploit.
- The hacker moved USDC from Arbitrum to Ethereum.
Crypto price rallies come and go, but some things never change — hacks. The latest victim? Nemo, a yield protocol based on the Sui blockchain.
The protocol fell victim to a $2.4 million exploit on Monday, underscoring persistent vulnerabilities in decentralized finance (DeFi) despite growing institutional adoption of digital assets.
STORY CONTINUES BELOW
The malicious entity stole USDC, the dollar-pegged stablecoin issued by Circle Internet (CRCL), bridging the stolen tokens from Arbitrum to Ethereum, blockchain security and data analytics company Peckshield said on X.
Nemo is a DeFi yield optimization platform built on the Sui blockchain. It allows users to tokenize their yield by splitting staked assets into Principal Tokens (PT) and Yield Tokens (YT) and lets them trade, hedge or speculate on future yields.
Following the hack, the total value locked in the Nemo yield trading tanked to $1.53 million from over $6 million, according to data source DeFiLlama.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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By Sam Reynolds, AI Boost|Edited by Omkar Godbole
36 minutes ago
Paxos, Frax and Agora are competing for Hyperliquid’s USDH stablecoin contract as MoonPay backs Agora CEO Nick van Eck’s coalition and concerns mount over Stripe’s potential conflicts of interest.
What to know:
- Hyperliquid’s plan to launch the USDH stablecoin has sparked a governance battle in the crypto community.
- The decision on who will issue USDH will be made by a validator vote on Sept. 14.
- Major contenders include Paxos, Frax and a coalition involving Agora and MoonPay, with debates centering around Stripe’s potential control.
