Hackers Wiped Off Lympo NFT Platform For $18.7 Million Worth. The hackers violated the security of its hot wallet and stole its 165.2 Million LMT digital tokens.
Recently, Hackers attacked Animoca’s subsidiary Lympho, an nft platform. That deals with the minting of sport’s non-fungible tokens. Facing its hot wallet security violation, and a loss of 165.2 Million LMT Tokens.
On Monday Lympo team announced through the Medium post, that they were targeted by the hackers, in which first the hackers achieved access to the Lympo NFT hot wallet. And then wiped off its LMT Tokens. The quantity of the stolen LMT token was 165.2 Million, and the worth was $18.7 Million at the time of posting.
Further, in the Medium post, the Lypo team stated that approx the hackers targeted 10 different projects. Also, most of the theft LMT tokens were transferred to a particular one wallet address, were exchanged for Ether(ETH) on Uniswap, and ShushiSwap then moved further.
The robbery also affected the market value of the Lympo Tokens. After Hackers wiped off the Lympo NFT Platform, the LMT’s price collapsed 92% to $0.0093.
The Lympo Team Action After Hackers Wiped Off Lympo NFT Platform:
After hackers wiped off the NFT platform, the Lympo team came into action and announced for its community. That they are working on maintaining the poor situation and trying to bring back everything to normal.
Further, the Lympo team told that they had eliminated the liquidity LMT from liquidity pools to reduce the disturbance to token rates.
Why Lympo Team Removed Liquidity LMT From Liquidity Pools?
By eliminating liquidity LMT from the liquidity pools that deal with the Lympo Tokens. The users will be no longer able to trade any significant amount of tokens that will prevent them from substantial losses of worth on their trades.
Before Tuesday, the Lympo team urged that users avoid purchasing, and selling LMT tokens. Until or unless it finished its inquiry, and decided the next best way.
Being part of Animoca brands, the Animoca team will help the Lympo in its crisis. As Animoca CEO Yat Siu informed Cointelegraph, “ We are working with Lympo, to guide them on how to recover this loss, however, we don’t have any proper strategy for it.”
The News Source is Cointelegraph.
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