- FLUID announces its partnership with Lossless to increase its cyber security.
- The integration will implement plenty of hack mitigation solutions.
- Additionally, the partnership will provide investors with a secure platform and enhanced opportunities in the DeFi Market.
FLUID has announced that it will integrate the LERC20 standard of Lossless to power its FLD token. This integration will implement hack mitigation which will be capable of detecting fraud, freezing fraudulent transactions, and reversing stolen funds.
FLUID’s Chief Information Security Officer Shah Sheikh said that securing digital assets is a major challenge for the industry. “Securing digital assets is a major challenge for the industry and an even greater barrier for institutional adoption of virtual assets. As the liquidity aggregator of the future, it is fundamental that FLUID provides access to deep liquidity in a secure framework.”
Sheikh added that the partnership with Lossless, the first DeFi hack mitigation tool, adds a layer of security that conforms to the highest standards in place.
Our partnership with Lossless, which is the first DeFi hack mitigation tool, adds an additional layer of security that conforms to the highest standards in place currently.
Similarly, Lossless CEO Vygandas Masilionis shared their excitement in welcoming FLUID to their security ecosystem. “With hacks happening one after another in DeFi and the industry losing billions of dollars, we hope to provide our solutions to a much wider number of crypto projects.” Masilionis added that crypto-asset security is now an option available to many.
The partnership between FLUID and Lossless will provide institutional and retail investors with a secure platform in the DeFi market. Additionally, these investors will be met with enhanced opportunities in the market. According to DefiLlama, the current total value locked (TVL) across the ecosystem is almost $215 billion.
The partnership’s announcement follows a growing number of crypto-hacks and cyber-attacks in the digital assets industry. Namely, the Axie Infinity’s huge debacle which cost them $620 million worth of Ethereum. Recently, BAYC’s social media accounts have also been hacked.