Explanation for LoLz current situation

LoLzFinance
3 min readJul 5, 2021

Dear Community, As you know, we at Lolz.Finance have been working tirelessly for months to bring this project to reality, and to create the community driven project that the community deserves. The entire project was bootstrapped by the team from day one, as we did not want any outside influence from investors to lead our decision making process, and limit the voice of the community. We had many great community members who reached out and offered their help along the process and the journey looked like was to a good start. The journey was kicked off, by an ILO, where $50,000 was raised for the purpose of liquidity and locked for an year. Unfortunately our team could not succeed in buying tokens during the ILO, since the demand was huge. Not having the ability to purchase our own tokens at ILO, and considering that our team tokens were burnt at launch, we decided to start buying tokens in the secondary market ourselves. Throughout the process, there was a small bug which the community noticed. We put this to vote and community decided to change the contract, and since there was a buying pressure coming from the community, and we had dozens of influencers ready to launch and speak about the project, as well as the listing on CoinMarketCap was about to be announced, we rushed ourselves and put the new contract out as soon as technically possible. Unfortunately, rushing the process, lead us to be on the radar of bad actors, who decided to exploit our zeal and minted additional tokens which caused an irreversible dump in the price. Our team started buying the tokens when this happened, because we did not know the reason behind the dump, only to realize afterwards exactly what happened. Our intentions have always been pure, and even the best projects do not have protection from the hackers and soulless individuals who are here to steal. And just like all of you we also were robbed, we were robbed of our funds, dreams and reputation, all because the same guy who did the same thing to MoonElon and MoonBake. People who might think, that this was an inside job, please realize that if we wanted to do a rugpull, we would not do it for 260BNB, we would not do it before influencers who have 100K + followers on twitter, Instagram and Tiktok started talking about this. We would not have done it before announcing CoinmarketCap listing, we would not have plunged tens of thousands of dollars into buying tokens in the secondary market, and we would not have done this to the individuals and community members who have helped us all along. Please understand, that our team is currently devastated, because we overspent our budget tremendously, and have incurred major financial and psychological hits ourselves. In the meantime we have reported the wallet which did the exploit to Binance, and would strongly recommend you to do the same. The fact is that the stolen BNB is still sitting in the wallet where it was transferred to, so there is a chance for us to stop the thief. The following are the addresses to report. https://bscscan.com/token/0xbe24e81490ea58df166e70bdd42bf3035732e100?a=0xb089d3de37bd95f3051a7a96ed5384af1e726f2d https://bscscan.com/tx/0xd52d4ebb9f4c5146cffbb7dd5d00b8940d53f7d14284e2f62e5054d110949fc6 This however, leaves us with an open question, how do we move forward. Firstly, please understand another set of facts, the tax collected and coins which we had bought are all in Lolz, we never cashed out a single decimal of BNB from the project. The team currently blew through a lot of money, and cannot afford to bring more money out of our own pockets. In theory many things can be done, and we would love to do them because we believe in what we are doing, however we are facing an uphill battle, with an extremely gloomy outlook for the future. The team is willing to commit, if the community can show us, that the community truly believes in us and the bigger picture of what we are looking to accomplish. We will do the following steps to help you decide, firstly we will release the first 2 pages of our whitepaper which will talk a little bit more about what we came here to accomplish. And secondly, we are setting up a donations wallet with a target of $120,000 for us to be able to make the steps necessary to reverse everything to where it was before exploit, so we can launch a new smart contract, with proper security features, add funds towards liquidity, and have some extra funds for marketing. Please DM @LoLzDevji if you are willing to be part of the new building of LoLz.

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LoLzFinance

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