Lympo NFT Platform Hacked for $ 18.7M, LMT Price Down 92%

The mining platform NFT and the Animoca Brands subsidiary Lympo suffered a hot wallet hack and at the time of the incident lost 165.2 million LMT tokens valued at 18.7 million US dollars.

A quick medium update from the Lympo team said the hacker hijacked access to Lympo’s hot wallet on Jan. 10 and “stole a total of around 165.2 million LMT from there”.

According to the Post, 10 different project wallets were compromised. It appears that most of the stolen tokens were sent to a single address, exchanged for ether on Uniswap and Sushiswap, and then shipped elsewhere.

List of hacked wallets. The source: medium

Lympo price fell 92% to $ 0.0093 after the hacker transferred money and then sold the loot from the project’s hot wallet.

Source: Coinmarketcap

A follow-up tweet on January 11th said the team is “trying to stabilize the situation and resume normal operations.” The team also claims that they removed LMT liquidity from liquidity pools in order to “minimize disruption to token prices”.

Removing liquidity from pools means that traders cannot buy or sell a significant amount of the token without retaining the value of their trade.

Also this morning, the team urged dealers not to buy or sell LMT while they finalize their investigation and determine the next best course of action.

As owned by Animoca Brands, Lympo could benefit from the intervention of the Animoca team. Yat Siu, CEO of Animoca, said, “We are working with Lympo to support recovery planning, but without any special mechanisms.”

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