13 May, 2022
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End of week update

13 May, 2022

Before we get into anything, our hearts go out to anyone who lost money over the week from the devastation starting from Luna. Absolutely heartbreaking and tragic stories coming out of that community. If you ever feel that self-harm is the answer, please reach out to the community so our family can help you find the resources. There are thousands of people willing to help and know how to get that help.

Lox Technology, while taking a financial hit ourselves like almost everyone in the market this week, was not and is not exposed to any token in the Terra Luna ecosystem. Additionally, none of our technology has anything Terra Luna related built in.

That said, our development partners at SoluLab are reevaluating the models looking for any potential and similar vulnerabilities. Additionally, our liquidity partners at CoinLS were also crucial in managing market conditions surrounding the Lox Trio. We can’t thank both teams enough for their support in the madness. Both are working quietly behind the scenes, but we know that we would have been in a much worse position without their help.

The last week also exposed a glaring weakness in that the Lox Technology vault may be overexposed to the crypto market. While we weathered the storm without significant damage and can continue to pursue development at full speed, our need to find a Chief Financial Officer has been upgraded to a primary objective.

Wrap Up

It’s been madness for us this week with the dramatic shift in market conditions. While most of the week has been fighting the ship and damage control, we began rendering the 500 Lox Founders NFTs. 100 NFTs will go to each of the averaged Top 100 holders of $LOX, $SmartLOX and $SmartNFT over a five snapshot period. The third of those snapshots is tomorrow. Also, the MEXC trading competition is still ongoing through May 30. More information can be found on our Twitter.

And, the best the last, a huge thank you to our #LoxFamily for standing by us this week! We hit 50,000 followers on Twitter despite the market conditions. Absolutely incredible and humbling to see this level of support and love!

© LOX Technology Limited
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