Lympo NFT Platform, a subsidiary of Animoca Brands, lost $18.7 million to hackers. The intruders stole 165.2 million LMT tokens through a hot wallet security breach. Through its medium page, the Lympo team announced that the intruders “stole a total of approximately 165.2 million LMTs from it” after attacking the hot wallets.
During the breach, tokens were stolen from ten project portfolios before they were sent to a single address. From the address, the LMT tokens were traded for Ether on decentralized exchanges, Uniswap and Sushiswap. Afterward, the stolen funds were sent elsewhere. The hack and sales of the stolen LMT from the project’s hot wallet plunged the price of the token by 92%.
On their official Twitter page, Lympo tweeted that they were investigating the situation. The tweet stated:
“Important: We are investigating the incident and how we can make up for it for our community. At this point, we recommend not buying or selling additional LMT tokens. Thank you for your patience and understanding“
In another tweet, they gave an update on Lympo:
“Lympo provides an update on the $ LMT Token slip and hack that occurred on January 10 at around 12:32 UTC. We are working to stabilize the situation and get all operations back to normal.”
The team has advised traders not to buy or sell LMT at the moment because the liquidity from the pools had been drained. This is expected to change once the investigations on the attack are completed.
