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DeFi Platform Nemo Protocol Exploited for $2.4 Million in Hack
Nemo Protocol, a DeFi platform built on the Sui blockchain, was hacked for $2.4 million, as reported by blockchain security firm PeckShield. The attack occurred just before scheduled maintenance on the platform.
In a statement, Nemo Protocol mentioned a “security incident” affecting its market pool and noted the suspension of smart contract activities while investigations are underway.
The incident is part of a wider crisis in crypto security this year. Chainalysis’ 2025 Crypto Crime Mid-Year Update indicates hackers have stolen more than $2.17 billion from cryptocurrency services in just the first half of the year, already surpassing the total thefts of 2024. A significant portion is the $1.5 billion theft from exchange ByBit, believed to involve North Korean agents.
By June, service hacks had increased by 17% from 2022—the former record year for such attacks. If trends continue, total losses could exceed $4 billion by year-end. Though centralized services endure most damage, attacks on individuals via personal wallet compromises and “wrench attacks” are becoming more common.
Nemo clarified that all Vault assets remain secure, yet community members have noted discrepancies in asset displays within the vault feature on Discord. Frustration among the community has grown due to the lack of updates from official moderators.
Currently, Nemo has not responded to further inquiries regarding the exploit, including those from media outlets.
BNB Whale Drained of $13.5M in DPRK-Linked Phishing Attack
Nemo claims to be a yield infrastructure platform on Sui. Its founder, Alex Yeung, has limited online presence with scant information available beyond promotional material for talks and AMAs. Their website lacks detailed team information, and the contact page link is inactive.
A LinkedIn profile suggests one of the company's Web3 project growth personnel is operating remotely from Shanghai—despite the city's ban on crypto trading—while another account purports to be a co-founder based in Dubai.
The Political Challenge of IMF Involvement
A significant challenge presented by financial distress involves approaching institutions like the IMF, known for imposing strict conditions on borrowing countries.
If Britain required more than £67bn, the IMF’s lending model might be threatened.
Historically, in the 2010s, the IMF adjusted its protocols to present Greece's debt as more sustainable. However, this led to contentious negotiations and ultimately a Greek default. François Valentin, an analyst, stated that the IMF seeks to avoid past mistakes, particularly as larger economies present more significant challenges. The British economy, notably larger than Greece's during its crisis, exemplifies this.
Despite benefiting from three bailout packages totaling €289bn, Greece faced severe austerity measures. Sander Tordoir from the Centre for European Reform believes the IMF will be cautious about lending to affluent nations. Although he doubts the UK is nearing bailout conditions, he envisions potential advisory roles to manage fiscal policies.
Tordoir highlighted the nuanced role the IMF plays, sometimes acting as an external enforcer to compel necessary policy changes, even if unwelcome. Jeffrey Franks, once head of the IMF Europe office, echoes this sentiment, noting that while the actual likelihood of the UK seeking an IMF program is slim, the Fund does play a disciplinary role that can aid policymakers.
Reeves has explored IMF advice regarding tax and spending adjustments to minimize tax hikes' frequency. The strategic deployment of IMF advice could carry stigmas reminiscent of its historical role as a "bogeyman" or scapegoat in policy discussions, as detailed by Franks.
The UK faces challenges of weak growth and high inflation. It’s crucial to avoid being targeted by bond markets, maintaining credibility in economic policies.
A call for responsible fiscal management is growing, as outlined by a City executive, emphasizing a growth-focused strategy. Franks opined on the incompatibility of US-style taxation with European-style benefits, suggesting the IMF might push the UK toward reconsidering its economic model.
This article has been published in telegraph.co.uk via Yahoo News.
DeFi Platform Nemo Protocol Exploited for $2.4 Million in Hack
The attack on the Sui-based DeFi protocol comes as 2025's crypto thefts outpace last year’s, with more than $2.17 billion stolen this year.
finance.yahoo.com
