Devs try to recover $280,000 in LP stolen in exploit of FEG Token migration tool.
Project on Pause for Audits
The FEG Token team is attempting to recover about $280,000 in liquidity that was stolen during an exploit of the project’s migration tool to its upgraded Smart DeFi 2.0 token. The transition remains on pause while the migration tool undergoes an audit and the team explores how to restore short-term liquidity.
FEG is on both BNB Chain and Ethereum. The exploit affected liquidity only on the BNB Chain side of the token.
According to a Twitter thread on the FEG account from lead developer FEGrox, the project team has met with Centralized Exchange partners and security experts to determine next steps, including:
- Exploring the option of a liquidity provider for FEGbsc
- As a secondary option, look at splitting liquidity between BNB Chain and Ethereum for a short while
- Pursue efforts to recover $280,000 in liquidity via a 10% bounty and tracking
- Use airdrops and a freshly audited migration tool to complete the migration.
One FEG community member said on Twitter that the new token will be launched on a new contract address, and holders affected by the exploit will get their funds back via airdrop or refund.
What is FEG Token:
FEG Token is a decentralized transaction protocol on Ethereum and BNB Chain. FEG was created by FEGrox, the project’s pseudonymous lead developer. The native FEG token is a hyper-deflationary, community-driven governance token with a 2% transaction tax. FEG offers an entire ecosystem built with a focus on reshaping and evolving how decentralized finance works. It includes a FEG Exchange for swapping, staking, and providing liquidity to tokens, as well as fWraps, which enable users to wrap another cryptocurrency like ADA, DOGE, or XRP and receive rewards.
Where to find FEG:
Website | Twitter | Medium | Whitepaper | Instagram | Telegram | Reddit | Discord | Youtube |
Source : bsc.news
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