DeFi Hacker Identification and Incentive Platform Lossless Closes $2.245 Million Private Placement
The Lossless team announced that it has raised a total of $2.245 million through a private placement led by DAO Maker for the start-up phase of the project.
The Lossless team announced that a total of $2,245,000 was raised through a private placement led by DAO Maker to fund the start-up phase of the project and prepare Lossless for rapid growth. In addition to DAO Maker, other investment institutions, (projects, individuals) include
Chandler Song and Ryan Fang (founders of ANKR and Bounce)
Lossless selected these investors because they have the potential to increase the reach and credibility of the $LSS token by partnering with audit firms and launchpads, giving Losslesss confidence in the future of its ecosystem.
The investors say
Lossless’ ultimate goal is to create the perfect tool to keep cryptocurrencies and DeFi safe from hacking and fraudulent transactions. The investors share a similar mindset and vision with Lossless when it comes to how they strive to create a safe and secure digital asset industry.
Hassan Sheikh, CMO of DAO Maker, commented:
“DeFi is driving the flow of money on the chain, innovation in the space is making smart contracts more complex and vulnerable to threats, and governments are becoming more aggressive about anti-money laundering compliance.
All of these issues are currently targeted with reactive measures and outdated approaches to law enforcement that are out of step with the digital currency era: on-chain analytics are used to track perpetrators and legal systems are used to enforce justice or compliance. The result is that on-chain fraud and theft remain rampant and money laundering is rarely impeded.
Lossless is the first pre-emptive security and compliance solution. instead of dealing with enforcement after a violation has been committed, Lossless technology unleashes protection as soon as someone tries to misuse someone else’s funds. Hacked transactions are frozen, tokens held in sanctioned wallets are invalidated, and any false flags are appropriated by community management because any misjudgment they themselves deploy threatens their own token holdings.
We now have a decentralized solution that protects value in the age of decentralized cryptocurrency.”
Matthijs van Drie from Magnus Capital said:
“DeFi has incredible promise and has the potential to turn the global financial world around. But the risk of fraud, hacking and vulnerability is still high!” . Just this week we saw Pancake Bunny attacked and exploited to the tune of over $200 million. To truly unlock the potential of DeFi, we need to mitigate these risks. Insurance is one part of the equation, but what about prevention?
Lossless is developing a solution that we believe will provide token creators with a new tool to combat these attacks while maintaining the ideals of decentralized governance that we hold dear. We are excited to be working with them on this effort!”
Lester Lim, founder of X21Digital, commented:
”X21Digital is always on the lookout for promising projects that add value to the cryptocurrency community and blockchain ecosystem. As the Defi space grows, it is constantly under attack and threatened by various types of vulnerabilities. lossless’ vision is to safeguard the Defi ecosystem so that there is minimal or no damage caused by hackers, vulnerabilities or social engineering. As a team of experienced engineers and financial professionals as well as DeFi experts and white hat hackers, we are committed to making cryptocurrency investments easy and safe. x21Digital believes that these projects will not only lead to innovation, but will contribute to positive social change in the blockchain space, thus making it better and safer for investors. lossless is one of them. We are excited to be a part of their journey together!”
All of Lossless’ investors are highly regarded in the cryptocurrency industry for their knowledge and expertise. With their help, Lossless will accelerate the development of projects that will truly change the way DeFi is managed and conducted securely. The funds will be used for general project development, marketing efforts, and more.
Details of the private offering
Private Sales Token Allocation: 29,155,000 LSS
Total Private Placement Round Funding: $2,245,000
Private Placement Round Token Price: $0.077
Total Token Supply: 100,000,000 LSS
Vygandas Masilionis, CEO of Lossless, expressed his belief in the platform and his vision for the future.
“We are very pleased to have secured funding from the most experienced and leading players in the financial and cryptocurrency industry. Their willingness to fund our future development and be our partner speaks volumes about the journey we are embarking on. Their commitment to our growth path is not only an endorsement of our goals, but also a strong demonstration of the confidence they have in DeFi. These participants believe that DeFi will be adopted by the mainstream market and in order to realize its potential, proper safeguards need to be in place to ensure the safety of investors’ money, which is something Lossless is committed to addressing.”
Lossless is the world’s first tool for token creators to mitigate the DeFi hacking problem. Through various fraud identification methods, the Lossless protocol blocks counterfeit transactions and automatically reverses any stolen tokens to the original owner.
Through a pledge-based reward system, Lossless encourages the community to continue exploring ways to detect hacks and fraudulent transactions. The sleek and fluid dashboard interface also allows users to have a God’s-eye view of transactions.
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