We come to you with one of the biggest announcements of the year.
The gotEM family is proud to announce that we have successfully formed an official partnership with Lossless —the very first DeFi hack mitigation tool available to token creators.
Lossless Protocol freezes fraudulent transactions based on a set of fraud identification parameters and returns stolen funds back to the owner’s account— at its core, is a piece of code that token creators insert into their tokens — this code empowers Lossless to freeze any fraudulent transaction based on a set of fraud identification parameters.
Having their technology embedded into our token code will prevent several types of fraud and exploits such as the following:
Flashloans. Loans that have to be paid back in the same block they are taken. Can be used maliciously to extract money from Smart contracts. One way to utilize those loans, for example, is to trade big amounts and cause on-chain liquidations.
Exchange hacks. Both centralized and decentralized exchanges can be hacked, and the stored funds can be extracted.
Wallet hacks. Holding the user’s funds, wallets are a massive target for hackers. Security leaks can lead to hackers gaining access to user’s funds.
Token minting. Some token contracts have a minting functionality, which means that new tokens can be created. This can be used by hackers to mint new tokens and sell them.
Intentional “rug-pulls”. The team itself pulling liquidity, minting new tokens, dumping their tokens, or similar, can also be an issue.
With a solid foundation and the ground work laid, our ecosystem and community will be safeguarded from hacks, exploits, or intentional rug-pulls.
Furthermore, we have offered a co-op for Lossless’ team. So to utilize and adopt the gotEM platform for all future cases and investigations related exploits, hacks, or rug-pulls within the crypto community.
Here is the list of co-op use-cases that Lossless can benefit from moving forward:
- Cases from Lossless network uploaded to the gotEM platform to manage investigations related to fraud / theft.
- Upload bounty competitions over our platform for further exposure and participation from white hat hackers within our network
With Lossless adopting the gotEM platform for future investigations related to exploits and fraud (e.g. rug-pulls), we will have taken one giant leap for crypto.
Please stay tuned for our next announcement relating to our upcoming IDO date and newly joined launchpads participating.
We would like to close out this announcement by thanking all of our closest friends and community members for your unwavering support.
As time draws closer to launch, many of us on our team and community are overcome with mixed emotions. Ranging from elation, to anxiousness, to disbelief.
Faith is the foundation at which all things are accomplished. And it was that faith given to us by close friends, and unknown friends from far away places that guided us to shore.
So hold strong to your faith.
Overcome your unbelief.
Tawei Chang / CEO @ gotEM