Lympo Subsidiary Of Animoca Brands Lost $18M In Hot Wallet Hack

Lympo, a subsidiary of Animoca Brands lost about $18 million in a hot wallet hack as we can see more today in our latest cryptocurrency news.

Animoca Brands subsidiary Lympo is an NFT platform that specializes in minting sports-related collectibles and it now lost $18 million due to a hack of its hot wallets. According to a Medium post that announced the breach of security, the team noted that it lost 165 milion LMT tokens after a hacker managed to gain access to the main operational wallet of the Lympo subsidiary. It added that 10 other projects that are collaborating with Lympo are both compromised in the attack. The hacker swapped the stolen tokens for ETH at Uniswap and sushiswap before sending them to an unidentified wallet after mixing them at a crypto mixer.

LMT lost 92% of the value and dropped to $0.0093 after it became apparent that a hacker gained control over the tokens. The team later sent out a tweet to the community stating that they are working to ensure that the platform is stabilized to ensure that operations are still resumed. As a cautionary measure, they added that the LMT tokens were removed from the liquidity pool to avoid unnecessary disruptions to the price of the token. With the suspension of the liquidity pool, larger volume orders made by the traders will not be filed promptly and these orders are not without major losses to the trader. This implied that it is maybe best to suspend trading on assets that have low liquidity if the order is of substantial volume. As per the tweet:

“Lympo provides an update on the LMT token slippage and hacking that occurred on January 10th at approximately 12:32 pm UTC. We’re working on stabilizing the situation and resuming all operations back to normal.”

In the announcement recently, the Lympo team advised traders to avoid trading the LMT token until they decide on the best route to take after investigating the cause of the breach of the hot wallets. Previous to the hack, Animoca Brands as the parent company of Lympo, stated that it will give necessary support to Lympo to enable the NFT platform in order to bypass the challenges associated with the attack.
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The CEO of Animoca Yat Siu noted:

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