Animoca’s Sports NFT Platform Lympo Lost $18.7M in a Hot Wallet Hack

Animoca Brands’ popular sports NFT minting platform Lympo was hacked this week with the cybercriminals stealing 165.2M LMT (an equivalent of $18.7M on Monday).
Image Source: Lympo/Medium.com

Quick take:

  • Animoca Brands’ NFT minting platform was breached this week, with users losing $18.7M.
  • Hackers targeted the Sports NFT minting platform’s hot wallets, stealing 165.2 million LMT (the native token of the platform). 
  • Most of the stolen LMT were sent to a single address, where they were swapped for Ether on SushiSwap or Uniswap.

Animoca Brands’ leading sports NFT minting platform Lympo was hacked earlier this week. Hackers breached ten hot wallets on the platform, stealing 165.2 LMT ( Lympo’s utility token) an equivalent of $18.7 million on Monday.

The attackers sent nearly all the stolen LMT to a single address, where they swapped it with ETH on SushuSwap or UniSwap. 

Lympo’s token price plunged 92% on Monday following the hack. As per CoinMarketCap charts, the LMT price was pinned at about $0.115 in the morning, before dropping to $0.007724 twelve hours later.

To preserve the value of the token, LMT was removed from liquidity providers as the company vowed to put measures in motion to stabilize the platform and resume operations.

“In response to this attack, Lympo enacted safeguards to ensure that no additional LMT could be stolen by the hackers. We are temporarily removing LMT from various liquidity pools in order to minimize disruption to token prices following the hack,” Lympo wrote in a blog post, also listing the addresses of the 10 projects that were affected by the hack.

Animoca Brands said it was going to support Lympo on their recovery plan, with Hong Kong-based Web3 and GameFi venture capital firm’s founder, Yat Siu tweeting, “we are working with Lympo to assist them on a recovery plan, but we don’t have any specific mechanisms.”

Siu was recently interviewed by TechCrunch, during which a question regarding the hack was popped. He maintained that risk is part of the exciting new world of NFTs

Lympo said it will communicate to the community once a comprehensive plan to address the impact of the attack is in place.

“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.”

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