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LMT Token Price Drops By 92% After Lympo NFT Platform Hacked

Anna Martynova

According to the announcement, on Monday, a hacker was able to get access to 10 Lympo operating wallets and steal 165.2 mln LMT tokens, which were worth approximately $18.5 mln at the time of the hack. Shortly after the hacker sold the stolen tokens, the LMT price dropped by about 92%. At the time of writing, the LMT is trading at $0.017.

The hacker used the Uniswap and Sushiswap platforms to exchange stolen LMT tokens for Ethereum (ETH), which were then sent to an unidentified wallet. To minimize token price disruption, Lympo temporarily removed LMT from liquidity pools shortly after the incident.

The platform has also reassured its users that the incident is under investigation and that the team is working hard to get Lympo back to normal operating as soon as possible. A comprehensive mitigation plan is also being prepared, which will be provided to the community upon completion.

Image: Medium

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