Navigating the Regulatory Landscape in Liechtenstein: DigiCorp Labs’ Legal Response to the LCX Hack and Subsequent Payout Delay

Digital security expert, DigiCorp Labs, has become entangled in the aftermath of LCX’s major hack, which happened in January 2022 and resulted in nearly $8 million disappearing from one of the company’s hot wallets. 

The initial coin offering (ICO) sale for $DGMV was in progress during January 2022, coinciding with the hack that took place on the 9th of January.

At present, LCX has disbursed only a fraction of the agreed-upon payout amount, with a significant balance remaining unpaid. The exchange is mandated by law to segregate customer funds from company funds, yet it has not exhibited transparency or furnished necessary details for evaluating the breach’s implications on $DGMV investors and DigiCorp Labs.

As a regulated cryptocurrency exchange, LCX is committed to offering a secure and transparent platform, giving users and customers peace of mind that their assets are well-protected. The FMA is responsible for granting LCX’s regulatory approvals and ensuring this foundation of transparency. However, concerning developments are stirring within the crypto and blockchain spheres, heightening expectations regarding the repercussions of this situation on investor and project safeguarding within the regulatory framework. LCX’s failure to uphold transparency raises serious concerns amid these critical circumstances.

Despite the challenging nature of the LCX situation, DigiCorp Labs remains resilient and committed. Fueled by a clear vision for success, DigiCorp Labs has launched its token utility, marking the beginning of its community growth phase. Simultaneously, DigiThree, the company’s enterprise division, is also set to launch a new website featuring new core products and better client accessibility.

Jozua van der Deijl, CEO of DigiCorp Labs, said: “Our newly developed product, DGMV-ID is at the forefront of the revolution in identity management and access control, offering a groundbreaking solution to the challenges posed by traditional systems. By focusing on passwordless authentication, digital sovereignty, and enhanced application security, DGMV-ID empowers individuals, businesses, and organizations through digital self-sovereignty, security, and interoperability.”

Contributions from venture capitalists and family offices within the DigiCorp Labs network account for approximately 90% of the total funds raised, and the company has expressed gratitude for this ongoing support. Now, with sights set on a brighter future, DigiCorp Labs is well-equipped to continue its decentralized journey – driven as always by its community’s collective goals and well-being.

For media inquiries about the LCX situation, contact DigiCorp Labs at LCXhack@digicorplabs.com. The company is committed to keeping the community informed as the legal process unfolds, achieving justice and protecting its stakeholder rights.

Legal Disclaimer

Please note that this communication is for general information purposes only, and not intended to be legal advice. It therefore should not be taken to instigate an attorney-client relationship between sender and recipient. Any reliance on this information is at the recipient’s own discretion and risk. For specific legal concerns or advice, please seek qualified legal counsel. The sender disclaims all liability with respect to actions taken or not taken based on any or all the contents of this communication.