Nemo Protocol drained of millions in exploit

Yet another crypto platform has fallen victim to an exploit. This time, criminals drained millions from Nemo Protocol, a decentralized finance (DeFi) platform.

As crypto security specialists such as PeckShield and CertiK started ringing the alarm bells about the exploit, the team behind the protocol confirmed that "a security incident occurred last night, impacting the Market pool."

Nemo hasn’t provided any numbers about the exploit, while the security specialists claim the team lost around $2.4 million worth of tokens.

"We are investigating the matter and have suspended all smart contract activity for the time being," Nemo Protocol said on its Telegram channel, promising to share more information later and claiming that all assets in their vault "remain untouched."

Just a day earlier, on Sunday, Nemo said that its app maintenance was scheduled for September 8th and 9th, while assuring that their users' assets "remain completely safe within the Nemo App."

While the way the protocol was exploited is unknown, CertiK suggested that the "suspicious withdrawals" they flagged from the Nemo Protocol are "possibly price manipulation attacks on its lending protocol."

The protocol is built on the Sui blockchain, offering its users the ability to trade and manage yield positions. As reported by Cybernews.com in May 2025, another DeFi protocol built on Sui, Cetus (CETU), was exploited to the tune of $223 million, prompting talks about the centralization of DeFi, as the Sui network showed it can freeze funds "on demand."

Meanwhile, in a separate crypto theft story today, Venus Protocol, another DeFi platform, confirmed that it has returned $11.4 million worth of crypto assets to a user who fell victim to a phishing attack last week. The team earlier said that they were able to recover the stolen funds within 13 hours after the attack on September 2nd.

According to the victim, the attackers used a malicious Zoom client to gain privileges on their machine.

"They exploited this access to trick the victim into submitting a transaction that approved the attacker as a valid Venus delegate of their account, allowing the attacker to borrow and redeem on the victim’s behalf," the team explained.