FEG Token DeFi project is recovering from a $280,000 exploit suffered on Feb. 23.
FEG Recovering From $280K Hack
Trading of FEG Token is set to resume as the Decentralized Finance (DeFi) project attempts to recover from a $280,000 exploit that crashed its upgrade to Smart DeFi 2.0.
According to a tweet from FEG, trading will reopen Tuesday, March 21 at 2 a.m. UTC. Transfers had been paused since the Feb. 23 hack of FEG’s Migration Tool that drained liquidity from the BNB Chain version of the token, which is also on Ethereum.
In the meantime, the FEG team scrambled to secure a loan to patch the liquidity loss, directed PeckShield to audit the flawed Migration Tool, and arranged for airdrops to compensate affected token holders.
The Migration Tool for $FEG holders to transition to the upgraded version of the token reopened March 19.
The team has offered a 10% white hat bounty for the return of the stolen funds. Unfortunately, the FEG team has experienced hacks in the past. In May 2022, the project was hit by a nearly $2 million flash loan attack, but managed to eventually recover 90% of the funds.
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:
Source : bsc.news
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