Our first priority when creating our token was to ensure that everyone within our community and holders would not be subject to rug-pulls or cyber theft. With the guidance of Oxbull launchpad, they had suggested that we consider forming a partnership with Lossless.
It was that very suggestion that later saved our token from a large scale theft, totaling 3.2 million from one the lead developers working for MetaPlay. With Lossless’s Vault Protection, we have successfully frozen the 8.5 million GOTEM that was stolen.
The Vault Protection from Lossless will be able to activate a full reversal of funds to only one single wallet owned by gotEM.
A developer on our team has been busy compiling all the wallets and token amounts for everyone involved in the hack. With the snapshot we would have a clear picture of the exact amount of GOTEM tokens you had staked, and from which wallet. We would then be distributing the tokens back to everyone’s wallet.
Here is a brief explanation of how Vault Protection works. It adds an additional layer of protection for large key vaults and fund wallets to protect the token from hacks. This is achieved through wallet whitelisting and withdrawal limiting. Wallet whitelisting allows marking wallets as those that can receive transfers from the project’s vault. Withdrawal limiting, on the other hand, creates an opportunity to set an amount per transfer in a given period of time.
Multiple projects experienced an attack from the same developer, we were the only team safe from the hack. This was due to us utilizing the LossLess LERC20 anti-fraud smart contract to create our token.
Using the Vault Protection tool and with the aid and assistance from Lossless, we were able to enable wallet whitelisting protection for the exploiter’s address. With it enabled the exploiter is no longer able to dump the tokens. The only thing he can do is send these tokens back to a gotEM owned wallet.
This success case proves Vault Protection’s usability and potential to save multiple projects from hacks. It’s the second tool from Lossless to be launched while the main one, Core Protocol, is coming this quarter.
The team at gotEM always places the safety, well-being, and security of our users and community first. We want to thank everyone for showing their full support and giving us the courage to move forward in spite of such a malicious act.
Please stay tuned for some exciting news we are about to be announcing to the greater crypto community.
For more information about Lossless:
Please visit their website: https://lossless.cash/