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Animoca Brands-Owned Lympo Hacked, LMT Token Goes on Wild Ride

cryptonews.com 10 January 2022 17:54, UTC
Reading time: ~2 m

Lympo, a developer of a sports non-fungible tokens (NFTs) ecosystem, confirmed that hackers stole LMT 165.2m (worth around USD 1.3m before the hack) from its operational hot wallet today. The token crashed around 78% in a few minutes before recovering part of its losses.

At 17:34 UTC, LMT (Lympo Market Token) trades at USD 0.00529 and is down 35% in a day, per Coinmarketcap.com data.

LMT price chart:

Source: coinmarketcap.com

The team claims it "enacted safeguards to ensure that no additional LMT could be stolen by the hackers" while they have also "temporarily removed" LMT from liquidity pools "in order to minimize disruption to token prices following the hack."

Lympo stressed that the majority of the LMT reserve is secure in a cold wallet storage.

The attack is still being investigated and the team said they are preparing "a comprehensive plan on how the effects of this attack will be remediated." The plan should be announced "as soon as it’s available."

Animoca Brands, a Hong Kong-based major player in the NFT and gaming digital property rights industries, acquired Lympo in December 2020. 

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