Sports NFT Platform Lympo Lost $18 M In a Hack

by in Cryptocurrency News

Lympo hack LMT tokens

Lympo, a subsidiary of game development company Animoca Brands, focused on creating a sports NFTs ecosystem, was hacked. As announced, exploiting the hot wallet security vulnerability, the hacker managed to withdraw 165.2 M of the platform’s native utility LMT (Lympo Market Token) cryptos, valued at around $18.7 M at the time of the attack.

Related: BitMart Hacked: Loss of Around $190 M Is Estimated

In a note published on Jan. 10, the Lympo team said that LMT tokens were removed from liquidity pools for some time to lessen the disruption to token rates after the hack. The team highlighted that most of the LMT reserve sits in cold wallet storage, and is secure and not affected after the incident.

Unlike hot wallets, cold wallets aren't connected to the internet.

The company said that an investigation was started. Also, it recommended the community not sell or buy LMT tokens till the operations are back to normal.

The Lympo team announced it was working on making the situation stable.