Nemo Protocol Lost $2.4 Million and Suspended Operations
Date: 2025-09-09 Author: Gabriel Deangelo Categories: BUSINESS
A few days before scheduled maintenance, Nemo Protocol was attacked, resulting in the theft of about $2.4 million from the market pool. Project representatives reported that smart contracts have been suspended for security purposes. The team and cybersecurity specialists are currently investigating, promising to provide additional details later.
At the same time, the administration emphasized that user assets in the storage were not affected. However, some community members expressed doubts: complaints appeared in the Discord channel that their funds were not displayed on the platform.
Nemo Protocol is positioned as a service for generating income, built on the Sui blockchain. Little is known about the project: there is no description of the team or contact information on the official website, and the feedback link does not work. The only public figure is the founder and CEO of the project Alex Yeung, who previously appeared only at AMA sessions. According to LinkedIn, he works remotely from Shanghai, although cryptocurrency trading is prohibited in China, which raises additional questions among users.
Attacks on crypto projects are becoming a regular occurrence. For example, in August 2025, Turkey's largest exchange BtcTurk lost $48 million as a result of a hack. The hackers quickly converted the stolen assets into ether. A year earlier, the Radiant Capital credit protocol fell victim to an attack, losing $4.5 million.
The case of Nemo Protocol once again showed that even relatively small projects with limited public information about the team remain at risk. Insufficient management transparency and limited communication with users increase community mistrust, especially when millions of dollars are at stake.
Thus, the incident became a reminder that the risks in the field of decentralized finance remain high, and users should take into account the possibility of surprise attacks and security issues even with promising services.
