One of the top sports NFT minting platforms, Lympo, is the latest victim of a hacking incident.
In a blog post on Tuesday, the platform revealed that they were attacked on January 10, 2022, when a hacker compromised the security of one of Lympo’s operational hot wallets.
Over 165 million LMT tokens were stolen in the hack, with most of them being immediately sold in various exchanges. At the time of the hack, those tokens were valued at an incredible $18.7 million.
The company however revealed that a majority of LMT tokens are stored in a cold wallet storage and were therefore untouched.
“On Monday, January 10, 2022, an unknown hacker compromised the security of one of Lympo’s operational hot wallets and stole roughly 165.2 million LMT tokens. The majority of the tokens were immediately sold on various decentralized exchanges. We are working to get the exact number of the unsold tokens still tracing the activities on three various chains.”Lympo
Lympo believes that the hacker accessed the wallets of one of their team members, a mystery to them since all sensitive data is kept offline.
Following the hack, the $LMT token plummeted 98%, going from $0.1 to just $0.002. The hacker had however already made away with their Ethereum, possibly at maximum price.
The company responded to the attack by adding more safeguards and removing the token from its liquidity pools.