BNB

FEG Token Rallies After Recovery of Funds From Team Finance Exploit

by BSCN

October 31, 2022

After recovering 90% of liquidity compromised in an exploit of Team Finance, the value of FEG Token rallied by 11% in the past day.

FEG Recovers Liquidity, Token Price

The price of FEG Token rallied after the project was able to reclaim 548 ETH in liquidity that was taken during an exploit of the Team Finance token locker protocol. The project recovered all of the funds taken, minus a 10% hacker bounty.

(1/2) We are over the moon to announce the liquidity (minus 10% bounty) has been returned!

A sterling effort by all involved.

We’d like to take the opportunity to thank our community and the projects who came together to collaborate.

Please stay tuned for further updates.
— FEG (Feed Every Gorilla) (@FEGtoken) October 30, 2022

During the past 24 hours, the value of $FEG has increased by more than 11%, bringing it back nearly to the price level when the exploit was discovered on Oct. 27.

In total, Team Finance was exploited for $14.5 million in various tokens, including the FEG liquidity (which was about $950,000).

We have just been alerted of an exploit on Team Finance.
We are currently unsure of the details.
We urge the exploiter to get in contact with us for a bounty payment

We are working to analyze and remedy the situation at this very moment.

More details to follow
— Team Finance (@TeamFinance_) October 27, 2022

Other projects who lost funds in the Team Finance exploit have also pursued the bounty option to recover their liquidity, including CAW, Tsuka, and Kondux.

What is Feed Every Gorilla (FEG):

FEG explains the main idea behind its token is to provide a decentralized transaction network that operates on the Ethereum blockchain and BNB Chain. A hyper-deflationary token, FEG has a maximum circulating supply of 100 quadrillion on both the aforementioned chains, that also includes an inaccessible burn wallet.

A 2% transaction tax is distributed among all holders based on the percentage of ownership, including the burn wallet which acts as a holder that collects tokens over a period in which transactions occur.

Where to find FEG:‍

Website | Twitter | Telegram