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Animoca Brands’ Lympo NFT Platform Loses $18M in Hot Wallet to Hackers

Cryptocurrency Jan 11, 2022 08:00AM ET
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Animoca Brands’ Lympo NFT Platform Loses $18M in Hot Wallet to Hackers
 
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  • Lympo NFT platform has lost a whopping $18. 7 million in its hot wallet to hackers.
  • Apart from the fund hacked, ten different projects wallets were compromised.

Animoca Brands’ subsidiary Lympo NFT platform has been hacked for $18.7 million in its hot wallet. When equated, the $18.7 million lost is estimated to be around 165.2 million of Lympo’s LMT token.

The Lympo team has officially confirmed the exploit. As mentioned, the team exclaimed that the notorious hacker gained access to the company’s operational hot wallet that resulted in the breach.

Additionally, apart from the $18.7 million lost, ten different project wallets were compromised accidentally. According to the report, the hacker transferred the stolen tokens to a single wallet and swapped them for Ether (ETH) on Uniswap and Sushiswap (SUSHI).

With an immediate effect of the hackers’ transfer, the LMT token price declined 92%. In reply to users’ comments, the Lympo team stressed that they are working to stabilize the situation and resume work to normal.

Furthermore, the team noted that they have removed LMT token liquidity from liquidity pools to minimize the token price from plummeting. This means that traders cannot trade a significant amount of LMT tokens without experiencing dramatic losses in their trade.

To avoid losing their hard-earned money, the Lympo team advised users to stop trading LMT tokens until the end of their investigation. Animoca CEO Yat, Siu said,

We are working with Lympo to assist them on a recovery plan, but we don’t have any specific mechanisms.

The Lympo’s platform exploit came a day after the LCX exchange announced that it has faced a severe security breach in one of its hot wallets.

Continue reading on CoinQuora

Animoca Brands’ Lympo NFT Platform Loses $18M in Hot Wallet to Hackers
 

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