Nemo Protocol Hack Dash $2.4M USDC Go Ethereum
On Septemba 8, one hacker run one Nemo Protocol hack for Sui blockchain, take $2.4 million USDC. Di bad guy comot USDC from Arbitrum network, send am cross Ethernet bridge go Ethereum using Circle. To make sure say funds no block, hacker konvert USDC to DAI and ETH. After di wahala, Nemo total value lock comot down from over $6 million reach about $1.5 million. Nemo Protocol hack show say DeFi security still get gbege. Dis na di third major DeFi attack for early September after di $2M OlaXBT and $8.4M Bunni hacks plus e add to August $163M loss. Traders gats dey watch reserve balance, bridge flow and adjust dia risk.
Bearish
Di Nemo Protocol hack de waka confidence for USDC-based DeFi strategies dem, e show say security gaps still dey. Even though USDC price still dey pegged for short term, if dem dey break am steady steady, e fit cause pressure for people wey wan redeem and small depeg risk fit happen. Traders fit reduce leverage for USDC pools and reduce how dem dey expose demself for yield derivatives. For long run, this kind security wahala fit make people no too trust USDC market sentiment and stablecoin yields, e go make dem cautious with how dem place money for DeFi. All these things mean say USDC get bearish outlook immediately after the hack.