Dear LCX community,
On January 10th, 2022, we had the most engaging and supportive AMA in our official Telegram chat, where our CEO, Monty C. M. Metzger (@montymetzger) answered questions from the community on various topics related to the platforms, our objectives, unfortunate hack, upcoming launches, and more. We really appreciate the warm conversation with the community and would like to share the summary of our live Ask Me Anything (AMA) session, moderated by community moderator “King”.
Community Host,
It is my great pleasure to welcome y’all and @montymetzger, the CEO of LCX to today’s AMA.
Are we ready guys?
Monty would here shortly?
Monty Metzger, CEO,
Thanks, @king_LCX for the intro!
Hello LCX community. It’s good to talk with you in this new exciting year of 2022.
First of all, Happy new year to all of you! I hope you have your burning questions ready
Community Host,
Thrilled to have you on board!
Let’s get started
In the last 48 hours, there was a security attack on the platform, and going by community question to inquire about the development, here’s one of the questions:
Monty, can you tell us how the hot wallet was hacked and what security measures will LCX take in the future?
Monty Metzger, CEO,
The last 48h had been a roller-coaster ride. So many things are happening.
At roughly 11:23 PM CET on Saturday evening (January 9th) LCX’s Technology team detected unauthorized access of one crypto wallet at the LCX platform.
Within minutes we detected some unauthorized activity and took immediate action.
First, we paused the deposit and withdrawal functionality of the LCX platform.
A few minutes later we secured additional wallets and doubled checked on the security of other hybrid and cold wallets.
With our immediate actions, we protected the majority of our funds on the platform.
All our key company vaults and operations LCX wallets such as Bitcoin, HBAR, ADA, DGB, TIA, or DGMV are not impacted.
Our team was in constant calls the whole night for internal analysis and evaluation
And we also included our partners in the process.
E.g. we contacted Monerium and their whole tech team started to support at 3 AM in the night. Due to the assistance of our partner Monerium approx. 611,000 EURe have been frozen (disabled for on-chain movement)
We also informed other partners like Liquid Global and our compliance partner Elliptic to take action.
Also, Etherscan tagged the Hacker Wallets online.
Early in the morning the next day we also sent a detailed report to authorities. Today we had follow-up calls with policymakers in Liechtenstein and the regulator.
A total of approx. 7.94M USD of crypto assets were stolen. 0.70M USD has been frozen. All other LCX wallets are not impacted.
During this difficult period, we greatly appreciate the support from our customers, other exchanges, security experts, and the broader crypto community. LCX will continue to do everything in its power to mitigate the impact of this incident and restore full service as soon as possible.
But I also want to share some additional insights here. The last 48h had been overwhelming – in a very positive way. It was outstanding how much support we received from our amazing LCX community. Statements like “You can solve this”, “this will make LCX stronger”, “we are behind you and trust you”. Just humbled and honored to have such a supportive community.
Besides our users, clients, and community. We also got full support from our partners. Lots of immediate actions, kind words, and help. This was great to see.
Community Host,
Awesome, thrilled to hear this feedback.
Monty Metzger, CEO,
And finally, also the authorities gave us feedback, that we did handle the incident in a very professional manner. Fast action, full transparency, and immediate security measures.
Community Host,
Thanks for giving us an insight into the incidence and the community is indeed pleased with the professional steps taken so far.
Now, with all you’ve analyzed, I opined that the community is cool with it. What about the funds?
Monty Metzger, CEO,
The whole hack and stolen funds is a setback – it’s a lot of money stolen from our platform. But I can tell you – this only makes LCX stronger and we see this as a big opportunity. Several media outlets, including Cointelegraph, reported about the hack in a neutral or even positive way. Also due to our quick response and how we handle the whole case.
Yes, what about the funds? This is important for our users, partners, and clients.
The news and announcement I want to make today is the following.
Community Host,
Great and hopefully, we’ll be stronger ?
Monty Metzger, CEO,
LCX will reimburse all funds.
All user funds are secured and will be replaced at the platform in full. We will open deposits and withdrawals in several steps in the coming days and resume normal operations within a few days
Community Host,
Awesome!
The community would be glad to hear this 🙂
Monty Metzger, CEO,
LCX is in the lucky position that we can afford this. While it is changing our financial plans, it is something we feel is right. It is the right thing to do. And we are standing for what we tell our users every day. We are a trustworthy and reliable player in the crypto industry.
Community Host,
Splendid!
Great and what about Sand airdrop? Some members are not ready to let go as we promised to airdrop this token to them for signing up on our platform. Apparently, they’re just after the airdrop.
Any insight?
Monty Metzger, CEO,
As many of you have seen on-chain. LCX has received a 100,000 $SAND token from Sandbox for our promotional campaign. The incoming transaction was visible in our hot wallet. Distribution was planned for today.
Unfortunately, the 100k SAND token was also stolen by the hacker.
As stated before all funds will be reimbursed and therefore LCX will also cover the lost SAND tokens.
So – for the community – you will receive the SAND token rewards as planned. But please be patient with us – it will take a few more days to manage the funds and prepare the distribution.
We will update the community about the timing of the distribution.
Community Host,
Thanks for keeping your words ?
To the next question :
Tiamonds whitepaper says that you will provide TIA/ETH liquidity on Uniswap at an initial price of $1 per TIA. Can you give more details, please? Will you provide ETH to back $1 TIA or will you provide liquidity in a price range?
Monty Metzger, CEO,
There is no business like the crypto business.
Thank you again for all the support during these difficult times.
And btw – all the PR around the security incident had been translated into many languages and we have seen an increase in visits from many countries. So I see many positive effects as well.
Community Host,
Oh great!
Monty Metzger, CEO,
Now let’s talk about something exciting coming up. Tiamonds!
Community Host,
The community would be pleased to hear about it?
Monty Metzger, CEO,
We are revolutionizing the NFT market and launching NFTs backed by real-world assets which also give you extra earnings.
Our own to earn model to receive TIA tokens is unique on so many levels and we are the first company worldwide to launch something like this.
We started the new year 2022 with the launch of the Tiamonds platform. I hope you all have looked at Tiamonds.com already. The NFT platform for Tiamonds is online and the countdown for the first drop has started.
In 2 weeks the first Tiamonds NFT will be sold! And then the first TIA token will be earned by the NFT token owner.
As part of our market making, the initial price for trading of TIA token will be $1 USD.
We will provide at least two trading pools on Uniswap V3 and maybe also on Uniswap V2. This will include TIA/ETH and TIA/LCX pairs.
Furthermore, TIA will be listed at LCX Exchange with several trading pairs as well.
There are two ways to buy Tiamonds NFTs. There are fixed-price sales and auctions.
For E.g. Tiamonds Nr. 001 is very rare and very special. https://tiamonds.com/fixedTiamonds/1
To buy this one in the fixed price sale you need to stake 1 Million LCX tokens for one year.
Tiamonds (https://tiamonds.com/fixedTiamonds/1)
LCX:: Tiamonds
Tiamonds are non-fungible tokens (NFT) representing the ownership rights of real-world Diamonds.
Community Host,
With these, some users are willing to get to know more about Tiamond and the certificate attached to it.
Monty Metzger, CEO,
The certificates of the diamonds are super important for every investor. Everyone can see the certificate online.
Tiamonds Nr. 001, as well as all other Tiamonds, will also be part of the Own to Earn model. So each Tiamonds will earn 1 Million TIA tokens over 1 Million minutes.
The owner of the Tiamonds can claim the TIA token anytime. Or decide to sell the NFT in public markets.
Many users at LCX may have noticed another innovation on our platform. It is not so obvious but a milestone for the industry.
Did you notice @king_LCX or @Alexi_LCX?
Community Host,
Yes, I did?
At this end, time is running pretty fast thus, I would be glad to open the community for one on one interaction with the CEO.
Are you ready guys? Please get set your questions in a few seconds?
Ready to go in 10 to 30 seconds ?
Monty Metzger, CEO,
Well, it is an important innovation and a milestone on how NFT platforms are structured.
LCX is combining our crypto compliance suite with the power of DeFi and decentralized platforms.
At Tiamonds.com each user has to log in with their LCX accounts first and then connect a wallet, e.g. a MetaMask wallet.
This is important to combine the benefits of decentralized and centralized systems.
LCX is again setting new standards for the industry.
Community Question,
When is the exchange 2.0 revamp?
Monty Metzger, CEO,
Exchange 2.0 is important to us. The design upgrade is done and we are finalizing some key backend improvements. We have implemented a lot of things you had been waiting for so long. We want to deliver an outstanding product with high quality. In terms of development, I would say we are 90% already.
Community Question,
Roadmap for 2022, please?
Monty Metzger, CEO,
Was planned for this week, but due to a security incident, we will publish it a bit later.
But I can already tell you. The 2022 roadmap is mind-blowing. 2022 will be the most successful year in the history of the company.
Community Question,
If a TIA is worth $1.00 how can they possibly earn 1 per minute for 1 million minutes? That’s too much?
Monty Metzger, CEO,
There will be 100 new TIA millionaires soon.
Community Question,
Hi Monty
A question about the Tiamond sale. Will we be able to link the LCX trading wallet to bid/buy the Tiamonds?
And when the Tiamonds are on sale by auction, will they be anything in a place where you can only bid on one Tiamond at one time, or can an individual bid on multiple Tiamonds
Monty Metzger, CEO,
Your LCX wallets will be connected to the Tiamonds platform to pay the purchase price or activate the staking to access the special Tiamonds.
Yes, each user is limited to bidding for one Tiamond only. We don’t want one person getting all the Tiamonds. Everybody will get a chance.
Community Question,
When we lock 1 million LCX for VIP access to a tiamond. Will it be safe to do so?
Monty Metzger, CEO,
Yes, LCX is a safe platform and we from now on are even safer than ever. But the long-term assets are never stored in hot wallets. 90-95% of assets are always in cold or hybrid storage outside of the hot-wallet system. So very secure!
Community Question,
I don’t have 1 mil LCX, is there a way I can still get Tiamonds?
Monty Metzger, CEO,
Yes, in many ways.
- There are many Tiamonds for auction as well without the need to stake any LCX.
- There are other Tiamonds where the amount to a stake is lower than 1 Million.
Community Question,
Some projects are pending from 2021 do you finish completion in this quarter
Monty Metzger, CEO,
Tech development often takes longer than planned. Our long-term community knows us, we continuously keep delivering and delivering. It’s not about the next few days, but about the next few years. Most people overestimate what can be achieved in a few weeks, but underestimate what can be achieved in a year.
LCX’s development in 12 months had been nothing less than outstanding!
Community Question,
Are you planning to integrate DigiD/AntumID technology for secure access to LCX with Digibyte private keys/wallet? Not seen other exchanges adopting it so far so it would be great for both LCX and Digibyte marketing. If not then what does your announced partnership with Digibyte Foundation entails?
Monty Metzger, CEO,
We are working very closely with the DigiCorp Labs team and there are many ideas for the future. I can tell you that the team behind DigiMetaVerse and DigiCorp Labs are very experienced and reliable people. We are proud to work with them.
The DGMV sale at LCX had been a massive success and the team raised millions of USD already. As soon as we resume deposits the whole token sale will continue. So there are still a few days for the community to join this project and get some DGMV as well
Monty Metzger, CEO,
As you know, we have gained 8 blockchain registrations in Liechtenstein in accordance to the
Blockchain laws (the blockchain act). This is more than any other company in the country.
But our vision is much broader and we believe in the future of tokenized assets.
That’s why we have continued our efforts to get additional licenses as a financial institution and as an investment bank. Together with a new smart legal team, we have made important steps into this directly where we can hopefully share more soon. The goal is to provide full issuance service and trading services for any digital securities and security tokens. We also aim to launch our own hybrid project, combining traditional capital markets with digital security tokens.
2022 will be a blast. Are you ready?
Community Host :
The AMA session with Monty has finally come to an end.
We’re thankful for your support and for the amazing response to the AMA session with the CEO.
Also, we are indeed overwhelmed by all our esteemed community members, for their support and vitality towards the project.
For more information regarding LCX and the latest updates, you may visit the website via: https://www.lcx.com/insights/
Thanks to all of you! The $LCX Community is amazing!
Disclaimer: This content contains forward-looking statements that involve inherent risks and uncertainties, and we might not be able to achieve the predictions, forecasts, projections and other outcomes we describe or imply in forward-looking statements. A number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates, and intentions we express in these forward-looking statements and in other public filings and press releases. We may not achieve all of the expected benefits of our strategic initiatives and partnerships. Factors beyond our control, including but not limited to the market and economic conditions, changes in laws, rules or regulations and other market challenges, could limit our ability to achieve some or all of the expected benefits of these initiatives. This content is not financial advice and should not form the basis of any financial investment decisions nor be seen as a recommendation to buy or sell any good or product. Trading cryptocurrency is complex and comes with a high risk of losing money, particularly if you trade on leverage. You should carefully consider whether trading cryptocurrencies is right for you and take the time to learn how trading works and decide how much money you are prepared to lose.
