Lympo Sports NFT Platform Crippled by Huge Hack

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Animoca Brands subsidiary, Lympo, is the latest crypto start up to feel the heat of abhorrent wrongdoers. This time around, villainous hackers made away with 167.2 million $LMT tokens, with a value immediately prior to the hack of around $18.7 million.

Lympo, a sports memorabilia minting platform, released a statement revealing that these stains on humanity gained access to their fleet of operational hot wallets, draining 10 addresses of their contents. However, the platform has reassured users that it stores the bulk of funds in a cold wallet, which, as a result, remained secure throughout the incident.

Thank you for your patience! We would like to share an update from the #Lympo CEO @adajonuse regarding the January 10th attack.

Providing you with more information about what happened and what steps is Lympo taking to make this right!https://t.co/6GOSohYEGA

— Lympo.io – Crypto Community (@Lympo_io) January 11, 2022

The repercussions of the deed were immediate, as the $LMT token plummeted 98% when the malignant larcenists exchanged the ill-gotten gains for Ethereum. As a result, $LMT dropped from $0.1141 per token down to a miserable $0.0022. While it has since rallied, it still falls well short of its previous value at $0.024.

In response to the attack, Lympo enacted safeguards to ensure no more $LMT could be stolen, while also temporarily removing the token from its liquidity pools. In addition, a spokesperson for Animoca Brands revealed that they are working alongside Lympo on a recovery plan. However, it has not yet released details of the plan to the public.

Read Lympo’s official statement >> Here

Source: https://nftplazas.com/lympo-nft-platform-hack/

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