💸Old FEGex/SD Recovery

Early Challenges

We have previously developed and launched innovative platforms including a DEX, fWrap system, and Token Launchpad, all of which offered unique features and functionalities. These platforms were built by dedicated volunteer community members and were actively utilized by the public during their operational phase.

In the early stages of 2022, the rapidly evolving landscape of decentralized finance presented significant security challenges. An internal swap function in both our DEX and the initial classic version of SmartDeFi was exploited, impacting the liquidity pools associated with these platforms.

In response to these challenges, the FEG team, supported by our community volunteers, has formulated a recovery and development plan. This plan leverages the strength and resilience of our community and is designed to enhance our infrastructure and implement robust security measures to safeguard against future vulnerabilities, demonstrating our commitment to the continuous improvement and security of our platforms.

Learning from Mistakes and Enhancing Security

Despite these challenges, we have taken proactive measures to prevent such vulnerabilities in the future. We have conducted thorough third-party audits using leading blockchain security company Peckshield and implemented stringent security protocols. Our lead developer, FEGrox, has also played a pivotal role in strengthening our security posture, drawing valuable lessons from the exploit.

Safeguarding old SmartDeFi Projects

With the support of PeckShield, a security firm, FEG developers took preventive measures on several older SmartDeFi projects to enhance security protocols. This included temporarily restricting access to these projects for both teams and traders. These strategic actions were crucial for conducting thorough security enhancements and ensuring the integrity of the liquidity within these projects. Ultimately, these measures led to the successful recovery of over 2 million dollars in user funds across more than 100 projects.

Recovery of Affected Projects

The recovery of affected projects is planned to proceed in stages, recognizing that it is not always possible to safeguard all projects immediately. This phased approach ensures that each project receives the attention and resources necessary for effective recovery.

Stage 1 - Safeguarded Projects

COMPLETED: Safeguarded SD projects have been unlocked COMPLETED: Approximately $1 million has been refunded to investors

Head to the Stage 1 - SDR page to read more about it!

Stage 2 - Drained Projects

In response to the challenges faced, recovery efforts have been prioritized for various projects, though not all were immediately accessible for intervention. This includes some older SmartDeFi projects and non-SD projects listed on FEGex, along with our own ROX token.

In light of these events, a comprehensive plan has been initiated to generate the necessary funds from scratch and reimburse investors. This plan is aimed at addressing the impacts systematically and supporting the community moving forward.

You can read more about it on Stage 2 - Drained Projects page.

Commitment to Affected Investors

We are dedicated to ensuring that all affected investors are reimbursed. Our team is actively implementing the planned measures and exploring additional strategies to accelerate the recovery process. Updates will be provided as we complete each subsequent phase of the plan.