FEG team scrambles to respond to theft of $280,000 in BNB Chain token liquidity.
PeckShield Undertakes Audit; Airdrops Promised
In an attempt to recover from a suspected exploit that crashed FEG Token’s upgrade to Smart DeFi 2.0, the Decentralized Finance (DeFi) project team has announced a plan that includes an audit of the flawed Migration Tool and an airdrop to affected $FEG holders.
All trading and migration activity of $FEG was put on hold last Thursday, Feb. 23, after a suspected hacker used a flaw in the Migration Tool code to extract some $280,000 in liquidity from the BNB Chain version of the token, which is also present on Ethereum.
In updates shared on the FEG telegram group, the team said PeckShield began auditing the Migration Tool on Monday, Feb. 27, and it would take about a week to complete the first run-through of the code review.
“We will make the necessary changes and test the migration tool functions after the initial review,” the team said.
Holders who already used the Migration Tool will receive their new FEG tokens via airdrop. Holders with $FEG in Centralized Exchanges should wait for further announcements. Other holders will have tokens manually distributed to them.
Trading of $FEGbsc and $FEGeth will resume after the Migration Tool relaunches following the audit, and after the airdrops and distributions are complete.
“This will allow all holders to start trading at the same time,” the team said, promising fair notice would be given to the community before trading is reactivated.
In regard to the missing liquidity, the team has offered a 10% white hat bounty for the return of the stolen funds. In the meantime, the team is discussing utilizing “a liquidity provider from several sources” for FEGbsc. Another option is to split the liquidity from FEGbsc and FEGeth until it is recharged from an altered tokenomics structure.
FEG pointed to continued support from the Gate.io CEX, which published a statement on Feb. 24 saying it “fully supports the migration and agreed to swap tokens for users.”
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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