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The Lympo NFT platform of Animoca Brands was hacked for $18.7 million

bitcoinworld.co.in 11 January 2022 03:25, UTC
Reading time: ~2 m

Lympo, a sports NFT minting platform and an Animoca Brands company, was hacked and lost 165.2 million LMT tokens worth $18.7 million at the time of the attack.

According to a short Medium update from the Lympo team, hackers gained access to Lympo’s operational hot wallet on January 10 and “stole a total of about 165.2 million LMT from it.”

According to the report, the hack compromised ten separate project wallets. Most of the stolen tokens appeared to have been transmitted to a single address. It’s traded for Ether (ETH) on Uniswap and Sushiswap, and then sent elsewhere.

So, hackers moved and sold the wealth from the project’s hot wallets. Then, the price of LMT plummeted 92 percent to $0.0093.

So, another Jan. 11 tweet from the team states
“working on stabilizing the situation and resuming all operations back to normal.”

So, The team also stated that it had removed liquidity LMT from liquidity pools to
“minimize disruption to token prices.”

“#Lympo provides an update on the $LMT token slippage and hacking that occurred on January 10th”
” at approximately 12:32 pm UTC. We’re working on stabilizing the situation”
” and resuming all operations back to normal”
— Lympo.io – Crypto Community (@Lympo_io) January 10, 2022

When liquidity is removed from LMT trading pools, traders will be unable to purchase or sell any meaningful amount of the tokens without suffering a large loss of value on their trade.

The team advised traders to avoid buying or selling LMT tokens until they concluded their research and identified the next best line of action, which they did early on Jan. 11.

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