BSC News

FEG Team Secures 200 $ETH Loan to Patch Stolen $FEGbsc Liquidity

The FEG team is working to recover from an exploit on Feb. 23 where $280,000 in $FEGbsc liquidity was drained.

Migration Timeline Promised Friday

The FEG Token team has secured a loan of 200 $ETH to prop up the Decentralized Finance (DeFi) project’s BNB Chain token, which suffered a drain in liquidity of some $280,000 on Feb. 23 during a migration event.

The Ethereum version of $FEG was unaffected by the exploit that crashed the project’s upgrade to Smart DeFi 2.0.

In a community update shared in FEG’s Telegram group, the team said that during the past two weeks:

  • The team secured the 200 $ETH loan
  • PeckShield completed the audit of the Migration Tool that was exploited
  • Efforts continue to collect on-chain data and manually review tens of thousands of transactions between $FEGbsc and $FEGeth.

The team promised to put out a new announcement on Friday containing a timeline for the migration.

“Thank you for being so patient as we work hard to make up for this shortcoming and bring FEG back to all of you!” the FEG team said.

For more details on FEG’s plan to resume the Smart DeFi 2.0 migration, including an airdrop of tokens to affected holders, read our earlier story on BSC News.

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

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