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Saturday, January 22, 2022
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Lympo NFT platform hacked with $18.7 million stolen

Lympo, the sport NFTs minting platform announced via a medium article Monday, that they had suffered a hot wallet attack. The hackers broke through the Animoca Brand subsidiary’s security to steal 165.2 million LMT tokens. The value of the tokens was $18.7 million at the time the hack occurred.

According to the Medium article, the attack targeted 10 addresses. These have been published in the article. Furthermore, Coin telegraph reported that most of the pilfered coins were sent to a single Ethereum address. They were then sent to UniSwap and SushiSwap, exchanged for Ethereum and moved.

What followed was a drop of 92% in the value of the coin, as the hackers sold off their ill-gotten gains.

As a result of the breach, Lympo immediately implemented safeguards to shield against any more LMT tokens being stolen.

On top of that, according to the article they “are temporarily removing LMT from various liquidity pools in order to minimize disruption to token prices following the hack.”

This means means that traders who buy or sell are in for big losses.

Lympo has asked holders to hold off on trading the coin as they investigate and assure holders that:

“We are preparing a comprehensive plan on how the effects of this attack will be remediated and will share it with our community as soon as it’s available.”

There are a lot of scams and hackers out there. Be careful and keep your guard up.

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