CryptoHack

DeFi platform Nemo Protocol, built on the Sui network, has announced an ambitious plan to compensate victims of its recent $2.4 million hack. The solution: the introduction of a new debt token called $NEOM, designed to cover users’ losses.

How NEOM Compensation Works
Instead of offering direct payouts in U.S. dollars, Nemo Protocol has introduced a debt token system due to a lack of available funds.
🔹 For every $1 lost, users will receive 1 $NEOM, calculated based on a snapshot taken before the hack

🔹 The value of NEOM may fluctuate depending on market conditions and recovery progress

🔹 All steps will be conducted with full transparency – from loss calculations to token distribution
“Our goal is to make every user whole by issuing a debt token equal to their losses, knowing that its value may change over time as recovery unfolds,” the platform stated in a blog post.

A Three-Phase Recovery Path
Nemo outlined a three-step compensation strategy that gives users multiple options for regaining their lost assets:
🔹 Migration – move remaining assets with one click to new, secure contracts

🔹 Compensation – receive $NEOM tokens equal to their confirmed losses

🔹 Recovery – choose to sell NEOM immediately or hold it while waiting for the recovery fund to replenish

Redemption Pool: Community-Led Restitution
The platform also confirmed that 100% of the funds recovered from the hacker will be deposited into a newly created “Redemption Pool,” managed under a multi-signature framework.
NEOM holders will be able to redeem their tokens based on the proportion they hold. To ensure maximum transparency, Nemo plans to launch a dedicated website allowing the community to track token burning progress and recovery updates in real time.

What Does This Mean for DeFi?
While Nemo Protocol faces a serious challenge, the launch of the NEOM token highlights how DeFi projects are exploring innovative mechanisms to protect users and restore trust.
The critical question remains: will NEOM evolve into a sustainable tool for restitution, or will it only serve as a temporary measure to calm the community after one of the platform’s largest-ever exploits?

#NemoProtocol , #NEOM , #defi , #CryptoSecurity , #CryptoHack

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,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

On September 13, 2025, the Shiba Inu ecosystem suffered a serious blow: the Shibarium bridge, which connects the Layer-2 network to Ethereum, fell victim to a complex attack using flash loans. According to PeckShield, the hacker used a flash loan to borrow 4.6 million BONE tokens, allowing for temporary control over 10 out of 12 validator keys. This provided a two-thirds majority to approve a fake checkpoint on the Heimdall consensus layer, after which approximately 224.57 ETH and 92.6 billion SHIB were withdrawn from the bridge, valued at around $2.4 million.

In the world of cryptocurrency, there has been another high-profile attack: THORChain co-founder John-Paul Torbjornsen (known as JP Thor) lost about $1.3 million due to a sophisticated phishing scam involving deepfake on Zoom and a hacked Telegram account. This was reported on September 12, 2025, by analysts from PeckShield and other blockchain researchers.

Crypto hacks surge over 130% in Q1 2025
Raj Gokal, co-founder of the Solana blockchain, has become the target of a serious cyberattack. Hackers published his personal identification documents on the compromised Instagram account of rapper Migos. The leak appears to be tied to an unsuccessful extortion attempt — reportedly demanding over $4.3 million.

🔐 Extortion Message: “You Should Have Paid the 40 BTC”
Circulating online are photos of Gokal and his wife, alongside their IDs and passports — resembling typical KYC (Know Your Customer) data used on regulated crypto platforms.
The sensitive documents were shared on the official Instagram page of rapper Migos, which was apparently hacked as well. A caption under one of the posts read: “You should have paid the 40 BTC” — a statement that led many to speculate the leak followed a failed ransom attempt.
At current Bitcoin prices, that would equate to a ransom demand of over $4.3 million. Instagram has since removed the post.

🧠 Social Engineering Suspected
Renowned Web3 investigator ZachXBT believes the attack was a result of social engineering — where cybercriminals tricked their way into accessing Gokal’s personal accounts and data.
“Raj’s accounts were likely compromised and used in an extortion attempt. Since he didn’t pay, the attackers trolled him by leaking the data through Migos’ Instagram,” said ZachXBT.

Interestingly, a week before the incident, Gokal had already warned his followers on X that someone was trying to access his email and social media accounts.

📈 Crypto Hacks in 2025: A Dangerous Spike
This attack is just one in a wave of escalating crypto hacks in 2025.
🔹 Q1 2025: According to security firm PeckShield, there were over 60 major hacking incidents, resulting in $1.63 billion in losses — a 131% increase from $706 million in Q1 2024.
🔹 The largest breach targeted Bybit, while Q2 saw the Cetus Protocol on the Sui network lose over $223 million.
🔹 Following the Coinbase data breach confirmed on May 15, reported compensation claims could exceed $400 million — further highlighting that DeFi and centralized platforms remain prime targets.

⚠️ A Call for Caution
With the rising number of cyberattacks, the need for increased vigilance is critical — especially when dealing with unknown links or individuals posing as support staff from crypto exchanges.

#solana , #CryptoHack , #HackerAlert , #CyberSecurity , #CryptoNewss

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Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

The crypto world was rocked in May 2025 as hackers made off with a staggering $244.1 million across 20 major incidents. 😨 While that number is alarming, it's actually 39% lower than the $400M+ lost in April. Still, May proved that Web3 remains a high-stakes battlefield. ⚔️💰

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💥 The Cetus Protocol Exploit – $223M Vanishes!

The biggest blow came from the Cetus Protocol, a decentralized exchange (DEX) running on the Sui blockchain. 🚀 Hackers exploited a vulnerability in Cetus’ smart contract overflow checks, draining $223 million in mere moments. 🧨🔓

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🛡️ The Fightback: $157M Recovered!

But all hope wasn’t lost. Thanks to swift action by Sui validators and the Cetus team, about $157 million of the stolen funds were frozen and clawed back—an impressive 71% recovery rate! 🧊💼

With community support, $162M worth of these recovered assets will be transferred to a multi-signature wallet jointly managed by Cetus, the Sui Foundation, and blockchain security firm OtterSec. 🗳️🔐

This wallet will oversee the safe reimbursement of affected users and help restore Cetus’ operations. 🙌💸

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🎯 Bounty Offered: Will the Hacker Take It?

In a bid to recover the rest, Cetus has offered the attacker a $6 million white-hat bounty 💰🕵️‍♂️—a common tactic in crypto circles to encourage the safe return of stolen assets. So far, there’s been no response.

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📉 May in Perspective

Despite the drama, the total amount hacked in May 2025 is significantly less than previous months, a sign that DeFi platforms may be slowly learning from past attacks. 📚✅

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🔐 Final Thoughts

The Cetus hack is a wake-up call—but also a testament to how fast and united a community can respond. 👥⚡ With tighter security, better audits, and community-driven protocols, the future of DeFi can still be bright. 🌞📈 #CryptoNews #DeFiSecurity #BlockchainUpdates #CryptoHack #SuiNetwork $SUI