Breaking: Sui-Based DeFi Platform Hacked!

Yeliz Akmaca — Mon, 08 Sep 2025 08:07:31 +0000

Today, Nemo Protocol, a Sui-based decentralized finance (DeFi) platform, suffered a major hack, losing approximately $2.4 million in USDC. The attacker exploited a vulnerability in the platform’s smart contracts. They transferred the stolen funds to Ethereum via Arbitrum, making it difficult to trace. This incident highlights the persistent security risks in DeFi platforms and cross-chain bridges.

Platform users are closely monitoring the situation to secure their assets. The Nemo Protocol team has yet to provide a detailed public statement. Meanwhile, the community seeks clarity on whether the lost funds can be recovered. Security researchers are actively investigating the attack and tracking the attacker’s wallet movements.

Attack Details and Implications for Nemo Protocol

Nemo Protocol allows users to deposit assets and take positions based on changing interest rates. All operations are automated through smart contracts, making the system fast and efficient. However, even minor coding errors can lead to significant losses. In this case, the attacker exploited a weak point and quickly moved the funds across different networks, evading detection.

The scale of this single attack is concerning. DeFi hacks continue to account for a large portion of crypto losses in 2025. Every month, new incidents increase the total loss, with August alone seeing millions of dollars stolen in 16 separate attacks.

Cross-Chain Bridges: Key Vulnerabilities for DeFi

Cross-chain bridges allow users to transfer assets between different blockchains. While convenient, these bridges concentrate large funds, making them prime targets for hackers. Attackers exploit the complexity of DeFi systems to move stolen assets across multiple networks. Cross-chain vulnerabilities remain one of the biggest security concerns in DeFi.

Developers must prioritize security measures to prevent attacks. Even sophisticated users cannot fully mitigate risks if bridge and contract vulnerabilities exist.

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The post Breaking: Sui-Based DeFi Platform Hacked! appeared first on Coin Engineer.

Crypto Fraud Losses Drop in March

Yigit Taha OZTURK — Tue, 01 Apr 2025 11:00:50 +0000

Losses from crypto scams, exploits, and hacks fell to $28.8 million in March, a significant drop from February’s $1.5 billion loss following the Bybit hack.

According to blockchain security firm CertiK, the most significant loss was the $13 million smart contract exploit of the Abracadabra.money decentralized lending protocol on March 25.

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Major Code Vulnerabilities and Wallet Breaches

Code vulnerabilities accounted for over $14 million in losses.
Wallet compromises resulted in over $8 million being stolen.
The Zoth protocol suffered a $8.4 million loss after its deployer wallet was compromised.

Some Funds Were Recovered!

While over $33 million was stolen in total, decentralized exchange aggregator 1inch successfully recovered most of the $5 million stolen in a March 5 exploit after negotiating a bug bounty agreement with the attacker.

However, blockchain investigator ZachXBT claimed that an unidentified Coinbase user lost 400 Bitcoin ($34 million).

Additionally, the Australian Federal Police warned 130 people on March 21 about a crypto scam impersonating exchange sender IDs.