A non-fungible token (NFT) and a focused coin hack took place. Sports NFT minting, aka NFT generation platform and subsidiary of Animoca Brands, Lympo, suffered a security breach in its hot wallet and lost 165.2 million LMT tokens worth $18.7 million during the attack. As Kriptokoin.com we provide the details…
Attack on NFT coin project: Hot wallets seized
According to statements made by Lympo team, on January 10 hackers gained access to Lympo’s operational hot wallet. It is stated that the attackers “stolen a total of approximately 165.2 million LMT from this wallet.” According to the post, ten different project wallets were seized in the attack. Most stolen tokens appear to have been sent to a single address, exchanged for Ethereum on Uniswap and Sushiswap, and then sent elsewhere.
The team stated that they are “working to stabilize the situation and normalize all operations.” The team also noted that it has removed LMT from liquidity pools to “minimize disruption to the token market.” The removal of liquidity from LMT trading pools means that traders cannot buy and sell significant amounts of tokens while trading without experiencing a dramatic loss in value.
LMT price dropped 90 percent and fell to $0.00097 as hackers sold it after the transfer. At the time of writing, it has gone up to $0.017. It was trading at $0.11 before the sharp decline. The team said that buying and selling LMT should be avoided prior to recovery plans. Owned by Animoca Brands, Lympo could benefit from the intervention of the Animoca team. “We are working with Lympo to assist with the recovery plan, but we do not have a specific mechanism,” said Yat Siu, CEO of Animoca.