Animoca Brands-Owned Lympo Hacked, LMT & LYM Tokens Go on Wild Ride
Lympo, a developer of a sports non-fungible tokens (NFTs) ecosystem, confirmed that hackers stole LMT 165.2m (worth around USD 16.5m before the hack) from its operational hot wallet today. The token crashed around 99% in a few minutes before recovering some of its losses.
At 17:59 UTC, LMT (Lympo Market Token) trades at USD 0.0093 and is down 92% in a day, per Coinmarketcap.com data.
LMT price chart:
Meanwhile, at the same, another token of Lympo, LYM, trades at USD 0.00535 and is down 34% in a day. LYM crashed around 78% following the hack, but rebounded sharply, recovering part of its losses.
LYM price chart:
The team claims it "enacted safeguards to ensure that no additional LMT could be stolen by the hackers" while they have also "temporarily removed" LMT from liquidity pools "in order to minimize disruption to token prices following the hack."
Lympo stressed that the majority of the LMT reserve is secure in a cold wallet storage.
The attack is still being investigated and the team said they are preparing "a comprehensive plan on how the effects of this attack will be remediated." The plan should be announced "as soon as it’s available."
Animoca Brands, a Hong Kong-based major player in the NFT and gaming digital property rights industries, acquired Lympo in December 2020.
Disclosure: Cryptonews.com is backed by Antanas Guoga, a serial entrepreneur, investor, and co-founder of Lympo.
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(Updated at 18:06 UTC to clarify details about the LYM and LMT price fluctuations. Updated at 19:45 UTC with a tweet from Lympo.)