Scandalous Loss of $2.4 Million, Nemo Protocol on Sui Blockchain Breached!

Jakarta, Pintu News – Nemo Protocol, a lending platform based on the Sui blockchain, recently suffered a security breach that resulted in a loss of approximately $2.4 million.

According to a report from blockchain security firm CertiK, this incident occurred as a result of price data manipulation by irresponsible actors. This incident adds to the long list of attacks that have hit the decentralized finance (DeFi) sector in recent times.

Oracle Price Manipulation

CertiK revealed that it detected “suspicious withdrawals” associated with one particular wallet address. The perpetrator allegedly utilized incorrect pricing data on the Nemo lending marketplace to withdraw assets well above the actual collateral value.

Activity logs in SuiScan show a series of rapid transactions that flowed funds out of the protocol. Vulnerabilities in the pricing oracle have been a weak point often exploited by hackers in the DeFi ecosystem.

This incident shows that there is still a lot of work to be done to improve security on the Sui blockchain, especially in the face of rapid growth.

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DeFi Security Concerns Continue

The attack on Nemo Protocol was not an isolated incident. Just a few days earlier, decentralized exchange Bunni admitted that a rounding error in its smart contracts had been exploited, causing $8.4 million in losses.

In addition, Venus Protocol also suspended operations after a phishing scam drained $13 million from users’ wallets. These incidents highlight the vulnerabilities that still exist in decentralized finance infrastructure.

While blockchain technology offers many advantages, security remains a major challenge that must be constantly addressed and improved.

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Next Steps for Nemo Protocol

To date, Nemo Protocol has not provided a detailed update on the actions it will take to recover the lost funds and protect its users. The community and investors are now awaiting a response from the Nemo team to see how they will address this issue and prevent similar incidents in the future.

It is important for all DeFi projects to learn from this incident and implement stricter security measures, especially in managing the price data used by smart contracts. User trust is a very valuable asset in the crypto ecosystem.

Conclusion

The attack on Nemo Protocol demonstrates the vulnerabilities that still exist in the DeFi ecosystem, particularly with regard to the use of pricing oracles. This is an important reminder for all players in the industry to continuously improve their security systems and ensure that users’ digital assets are well protected.

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Reference

• Crypto Times. Nemo Protocol on Sui Blockchain Loses $2.4M in Oracle Exploit. Accessed on September 9, 2025
• Featured Image: Generated by AI