Blockchain

Animoca Brands’ Lympo NFT Platform Hacked for $18.7M

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Sports NFT minting platform and Animoca Brands subsidiary Lympo suffered a hot wallet security breach that lost 165.2 million LMT tokens, worth $18.7 million, in the hack.

a brief Moderate An update from the Lympo team states that on January 10, hackers managed to gain access to Lympo’s operational hot wallet and “stealed approximately 165.2 million LMTs from it.”

According to the post, ten different project wallets were compromised in the attack.looks most A portion of the stolen tokens are sent to an address and exchanged for ether (Ethereum) on Uniswap and Sushiswap, and then sent elsewhere.

LMT prices plummeted 92% to $0.0093 after hackers moved and sold loot in the project’s hot wallet.

The team then tweeted on January 11 that they were “working to stabilize the situation and restore all operations back to normal.” The team also said that it had removed liquidity LMT from the liquidity pool to “minimize disruption to token prices.”

Removing liquidity from pools that trade LMT means that traders will not be able to buy or sell any large amount of tokens without experiencing a huge loss of value in the trade.

Earlier on January 11, the team urge Traders should not buy or sell any LMT tokens while completing their investigations and determining the next best course of action.

As a subsidiary of Animoca Brands, Lympo may benefit from the intervention of the Animoca team. Animoca CEO Yat Siu told Cointelegraph, “We are working with Lympo to assist them with a recovery plan, but we don’t have any specific mechanism.”

Second hot wallet hack this week

Centralized crypto exchange LCX also suffer a security breach On one of its hot wallets, it resulted in a loss of nearly $7 million on January 8. In this case, the hackers stole eight different cryptoassets.

LCX lost varying amounts of MKR, ENJ, LINK, QNT, SAND, ETH, LCX and USDC.This most A portion of the funds are converted into ETH and sent to Tornado Cash, a privacy tool designed to hide the origin and destination of ETH.

related: ImmuneFi reports $10B in DeFi hacks and losses in 2021

The LCX team released a renew On January 10, users were assured that they would be compensated and that no personal data was compromised during the attack. The team wrote:

“LCX will use our own funds to cover this incident and compensate affected users. LCX’s user balances will not be affected.”