• Lympo NFT lost $18 million. 7,5 million to hackers in the hot wallet.
• Apart from the hacking of the fund, wallets for ten projects were also compromised.

Animoca Brands’ subsidiary Lympo NFT platform has been hacked for $18.7 million in its hot wallet. When equated, the $18.7 million lost is estimated to be around 165.2 million of Lympo’s LMT token.

Lympo confirmed the vulnerability. As mentioned, the team exclaimed that the notorious hacker gained access to the company’s operational hot wallet that resulted in the breach.

In addition to the $18.7million in lost tokens, 10 different wallets for project funds were also compromised. According to the report, the hacker took the stolen tokens from one wallet and exchanged them for Ether(ETH) and Sushiswap [SUSHI].

With an immediate effect of the hackers’ transfer, the LMT token price declined 92%. In reply to users’ comments, the Lympo team stressed that they are working to stabilize the situation and resume work to normal.

#Lympo updates on the hacking and slippage of $LMT tokens that took place on January 10, at 12:32 PM UTC. We’re working on stabilizing the situation and resuming all operations back to normal.https://t.co/i07w5zoOwW@animocabrands

— Lympo.io – Crypto Community (@Lympo_io) January 10, 2022

The team also noted that LMT token liquidity was removed from the liquidity pools in order to prevent the price of the tokens from falling. This means traders can’t trade large amounts of LMT tokens and not suffer severe losses.

Lympo staff advised customers to refrain from trading LMT tokens while they investigate. This will help them avoid losing hard-earned funds. Animoca CEO Yat, Siu said,

We are working with Lympo to assist them on a recovery plan, but we don’t have any specific mechanisms.

The Lympo’s platform exploit came a day after the LCX exchange announced that it has faced a severe security breach in one of its hot wallets.

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