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Nemo Protocol Exploited on Sui Network With $2.4 Million Loss

Nemo Protocol Exploited on Sui Network With $2.4 Million Loss

Nemo Protocol on the Sui blockchain lost $2.59 million to a flash loan attack, with stolen funds moved to Ethereum, leading to frozen operations and urgent security updates.

ETH
SUI

Fact Check
The statement is directly supported by two independent sources (a post on Binance Square and a report on Fomoed.io), which both state that the Nemo Protocol was hacked on the Sui Network with a loss of $2.4 million. Additional evidence confirms that Nemo Protocol is a project operating on the Sui Network, which adds context and credibility to the claim.
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Summary

Nemo Protocol, a decentralized finance (DeFi) platform on the Sui blockchain, experienced a $2.59 million loss from a flash loan attack exploiting contract vulnerabilities. The stolen funds were moved to Ethereum via a cross-chain bridge. In response, Nemo has frozen core functions, initiated urgent audits, and is working on a compensation plan for affected users.

Terms & Concepts
  • DeFi (Decentralized Finance): A blockchain-based financial system that enables lending, trading, and other services without traditional intermediaries.
  • Flash Loan Attack: A type of attack where an attacker exploits a vulnerability in smart contracts, using borrowed funds to manipulate a system and steal assets.
  • Cross-chain Bridge: A technology that allows the transfer of assets between different blockchains, enabling interoperability.