Lympo, a sports NFT marketplace, has been hacked for $18.7 million

<p>The most recent incident in the industry is the hacking of Lympo, a sports NFT platform and Animoca Brands subsidiary. During the time of the hack, the platform lost approximately 165.2 million LMT tokens, which equated to $18.7 million.</p> <p>Cryptocurrency hacking, while uncommon, remains one of the risks that some protocols must face.</p> <p>The Lympo team confirmed the recent hacking of the platform on January 10 in a Medium update. The hackers, according to the report, gained access to the protocol's operational hot wallet and stole approximately 165.2 million LMT tokens.</p> <p>The post also revealed that the cybersecurity attack resulted in the compromise of ten different project wallets. Furthermore, the majority of the hacked tokens were transferred to a single address, from which they were swapped on both Sushiswap and Uniswap for Ether (ETH) and later transferred elsewhere.</p> <p>With the looting of the LMT from its hot wallets, the token's price fell by 92 percent to $0.0093.</p> <p>The Lympo Team Will Resolve Disputes</p> <p>Following that, the protocol's team issued a tweet stating that they are working to stabilise the situation and resume normal operations. Furthermore, the team mentioned that it had removed liquidity LMT from liquidity pools. This, according to them, will aid in reducing the crypto price disruption.</p> <p>Furthermore, by the early hours of January 11, the team advised traders to halt the purchase and sale of LMT tokens. They intend to start by finishing their investigation and sketching out their potential course of action.</p> <p>The removal of liquidity from pool trading LMT will have a negative impact on traders. This means that traders cannot buy or sell large amounts of tokens without incurring some value loss.</p> <p>As a subsidiary of Animoca Brands, the Animoca team has thrown their full support behind Lympo. Yat Siu, the CEO of Animoca, stated in one of his speeches that they are assisting Lympo with recovery, though no specific mechanism has been implemen