Crypto price rallies come and go, but some things never change — hacks. The latest victim? Nemo, a yield protocol based on the Sui blockchain.

The protocol fell victim to a $2.4 million exploit on Monday, underscoring persistent vulnerabilities in decentralized finance (DeFi) despite growing institutional adoption of digital assets.

The malicious entity stole USDC, the dollar-pegged stablecoin issued by Circle Internet (CRCL), bridging the stolen tokens from Arbitrum to Ethereum, blockchain security and data analytics company Peckshield said on X.

Nemo is a DeFi yield optimization platform built on the Sui blockchain. It allows users to tokenize their yield by splitting staked assets into Principal Tokens (PT) and Yield Tokens (YT) and lets them trade, hedge or speculate on future yields.

Following the hack, the total value locked in the Nemo yield trading tanked to $1.53 million from over $6 million, according to data source DeFiLlama.

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