Nemo: $2.59 Million Asset Loss Stemming from Launching New Feature Without Adequate Audit

BlockBeats News, September 11th: In an incident report released by Nemo, a DeFi protocol in the Sui ecosystem, it was disclosed that approximately $2.59 million worth of assets were lost due to a security vulnerability in the contract's function that was exploited by an attacker. The attack originated from a new feature being deployed by the developer without undergoing a thorough audit and not promptly addressing known risks. The majority of the funds were transferred to Ethereum via a cross-chain bridge. The protocol has currently frozen its core functionality, a vulnerability patch has been submitted for urgent review, and the team is working on a user compensation and asset recovery plan.

Previously, Nemo, a DeFi protocol in the Sui ecosystem, suffered an attack resulting in approximately $2.4 million in losses. The attacker has transferred USDC via Circle from Arbitrum to Ethereum.