Animoca Brands subsidiary, Lympo Sports is the biggest sport NFT minting platform. Known for creating various characters for sports stars and minting sports memorabilia, unfortunately, this week they have run into some trouble with the Lympo hack.
Hackers are hot news, with various NFT marketplaces losing millions of dollars in seconds. This is a story we have become rather familiar with. Lympo has lost 167.2 million $LMT tokens. The value immediately before the hack of around $18.7 million. Nearly $20 million stolen.
Lympo realised that something had gained access to their hot wallets and this immediately rang alarm bells. With further inspection, they found 10 addresses drained dry. Adding insult to injury, they felt the real-time effects of this action, the $LMT token plummeted a massive 98%. In figures that is $LMT token dropping from $0.1141 per token down to $0.0022.
One saving grace for the company was that the bulk of the funds was in cold wallets, which, as a result, remained secure throughout the incident. Responding to the attack, Lympo created safeguards to ensure no more $LMT could be stolen. They decided to also temporarily remove the token from its liquidity pools for some added safety. Whilst a full recovery plan has not been announced a spokesperson for Animoca Brands revealed that they are working alongside Lympo on a Lympo hack recovery plan.