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

US Spot Bitcoin ETFs See Major Inflows After Quiet Week

US spot Bitcoin ETFs saw a remarkable inflow of nearly $100 million on Monday, marking a significant turnaround from the previous week.

user avatarKofi Adjeman

Circle Raises $100 Million from Binance through Share Sale

Circle has raised $100 million by selling shares to Binance as part of a commercial agreement to promote USDC.

user avatarNguyen Van Long

Circle and Binance Extend Partnership with New Agreement

Circle and Binance have renewed their partnership with a new agreement that replaces previous contracts. This arrangement allows Binance to hold shares in Circle while promoting the USDC stablecoin on its platform.

user avatarSatoshi Nakamura

Coincheck Group Announces Leadership Change

Coincheck Group has confirmed the resignation of Executive Chairperson Takashi Oyagi, effective September 21, for personal reasons, and has approved a new leadership transition structure.

user avatarJesper Sørensen

MEXC Launches Initiatives to Enhance Access to Financial Markets

MEXC has launched several initiatives, including the Trade Wall Street, Without Walls campaign, to enhance access to traditional financial markets.

user avatarRajesh Kumar

MEXC Introduces Stock Trading Handbook for Crypto Traders

MEXC has launched the Stock Trading Handbook to assist crypto traders in transitioning to the stock market as part of its Opportunity Compass initiative.

user avatarLucas Weissmann

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.