1 week ago
Crypto terms rallies travel and go, but immoderate things ne'er alteration — hacks. The latest victim? Nemo, a output protocol based connected the Sui blockchain.
The protocol fell unfortunate to a $2.4 cardinal exploit connected Monday, underscoring persistent vulnerabilities successful decentralized finance (DeFi) contempt increasing organization adoption of integer assets.
The malicious entity stole USDC, the dollar-pegged stablecoin issued by Circle Internet (CRCL), bridging the stolen tokens from Arbitrum to Ethereum, blockchain information and information analytics institution Peckshield said connected X.
Nemo is simply a DeFi output optimization level built connected the Sui blockchain. It allows users to tokenize their output by splitting staked assets into Principal Tokens (PT) and Yield Tokens (YT) and lets them trade, hedge oregon speculate connected aboriginal yields.
Following the hack, the full worth locked successful the Nemo output trading tanked to $1.53 cardinal from implicit $6 million, according to information root DeFiLlama.
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