Animoca Brands subsidiary Lympo Sports is the largest sports NFT mining platform. Known for creating various characters for sports stars and chasing sports memorabilia, unfortunately they ran into some issues this week with the Lympo hack.
Various NFT marketplaces lose millions of dollars in seconds
Hackers are hot news: various NFT marketplaces are losing millions of dollars in seconds. This story is already familiar to us. Lympo lost 167.2 million $LMT tokens. The value immediately before the hack was about $18.7 million. Almost $20 million was stolen.
Lympo realized that someone had gained access to their hot wallets, and this immediately caused an alarm. Upon further inspection, they found that 10 addresses were empty. On top of that, they felt the consequences of this action in real time: the price of the $LMT token fell by 98%. In numbers, this means that the $LMT token has fallen from $0.1141 per token to $0.0022.
The salvation for the company was that most of the funds were in cold wallets, which thus remained safe throughout the incident. In response to the attack, Lympo put in place safeguards to prevent the $LMT from being stolen again. They also decided to temporarily remove the token from their liquidity pools for added security. Although a full recovery plan has not been announced, an Animoca Brands spokesperson said they are working with Lympo on a recovery plan after the Lympo hack.