FEG Token Attack: How $1 Million Was Lost

user avatar

by Giorgi Kostiuk

2 years ago

Recently, an exploit affecting FEG tokens occurred, resulting in over $1 million stolen due to cross-chain message processing errors. Holders suffered a 99% loss.

Timeline of the Event

The FEG token exploit came after a suspicious attack on the 'SmartBridge' project. Attackers liquidated the stolen funds, leaving holders with 99% losses. The FEG token is a key component for the project's 'SmartDeFi' launchpads operating on multiple blockchain networks.

Details of the Vulnerability

According to CertiK's analysis, the exploit was linked to an error in cross-chain message relay contract logic. CertiK confirmed that the contract was deployed by an address tagged to the FEG team and was not related to Wormhole. This marks the third attack on the FEG project in recent years.

Community Reaction and Consequences

The DeFi community expressed concern following yet another breach. BlockSec discovered that the attacker exploited a vulnerability via SmartBridge's relayer feature. The attacks spanned several blockchains, including Ethereum, Base, and BNB Chain, causing over $1 million in damages.

The FEG token exploit significantly impacted holders and raised concerns within the DeFi community. It is expected that the situation will encourage projects to conduct more thorough security audits of their contracts.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

MEXC Launches 'Trading Takes Two' Campaign to Showcase AI Capabilities

MEXC is launching a month-long campaign titled 'Trading Takes Two' to showcase how MEXC AI supports users in their trading journey.

user avatarTenzin Dorje

HTX Research Highlights Risks in Stock-Linked Memecoins

HTX Research's report highlights the risks of stock-linked memecoins, focusing on misleading high APY figures and the importance of understanding market conditions.

user avatarBayarjavkhlan Ganbaatar

HTX Research Unveils Insights on Stock-Linked Memecoins

HTX Research has released a report on stock-linked memecoins, analyzing their market structure and growth potential.

user avatarMohamed Farouk

BAI Builds Closed-Loop Infrastructure for the Agent Economy

BAI is building a closed financial loop for the agent economy, integrating models and agents to facilitate seamless transactions.

user avatarDiego Alvarez

BAI Sets New Industry Record with 151 Trillion Tokens Daily Throughput

BAI has set a new industry record with a daily throughput of over 151 trillion tokens, marking a significant increase since its launch.

user avatarElias Mukuru

Justin Sun Prize Launched to Transform Scientific Research

The Justin Sun Prize has been established to redefine scientific rewards in the AI era, offering up to $1 million for breakthroughs in fundamental disciplines and machine formal verification.

user avatarKenji Takahashi

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.