FEG Token (FEG)
FEG is a deflationary token with a max circulating supply of 100 Quadrillion. On each transaction, a tax of 1% will be distributed to the holders and a further 1% will be burnt, hence incentivizing holders to hodl and decreasing the supply overtime. As the supply decreases, the scarcity of the token increases. This inversely-proportional relationship constitutes a supply and demand model. Furthermore, there is no limit as to how many tokens can be burnt. Without a burning limit you know what happens next.
1. Basic Info
| Name | Value | Name | Value |
|---|---|---|---|
| Symbol | FEG | Market Cap | 1991990 |
| Name | FEG Token | White Paper | -- |
| Web Site | https://fegtoken.com | Is ICO | None |
| Wallet | -- | Raised Funds | - |
| Source | -- | Distribution | - |
| Explorer | https://etherscan.io/ | Algorithm | -- |
| Forum | -- | Proof | -- |
| Mining | Total | 100000000000000000 | |
| Supply | 100000000000000000 | Release Date | 2021-02-05 |
| Available Supply | 99599500000 |
2. Technical Analysis
2.1 Kline Price Chart
2.2 Analysis
Short-term bullish trend; medium-term consolidation pattern; long-term bearish outlook.
3. News Analysis
3.1 News
20250102
- FEG: The team will buy back the tokens purchased by users after the attack and pay 25% reward ↓
20241231
- Paidun: The root cause of the FEG attack was the composability problem that occurred when integrating with the Wormhole bridge ↓
20241230
- FEG is suspected of being attacked and lost about $1 million. The team is investigating ↓
20241229
- FEG: PeckShield has been asked to provide additional support to investigate illegal transactions. Preliminary investigation shows that there may be a wormhole bridge vulnerability. ↓
3.2 Analysis
The message data reveals a sequence of events surrounding an attack on FEG, a project that utilizes composability with the Wormhole bridge, leading to significant financial loss and subsequent actions by the team. The first message indicates that FEG will buy back tokens purchased by users following the attack, offering a 25% reward. This suggests a proactive approach to mitigating the impact of the attack and possibly regaining user trust.
The following message identifies the root cause of the attack as a composability problem when integrating with the Wormhole bridge. This indicates that a vulnerability within the bridge s architecture may have been exploited, highlighting the importance of robust integration practices in decentralized finance (DeFi) ecosystems.
The next message reports that FEG is suspected of being attacked, with an estimated loss of approximately $1 million. This emphasizes the severity of the attack and the potential for significant financial repercussions. The subsequent message reveals that PeckShield, a blockchain security firm, is being engaged to investigate the illegal transactions and identify any vulnerabilities in the Wormhole bridge.
Predicting future trends based on this data, it is likely that there will be increased scrutiny on the security of DeFi platforms and the bridges connecting them. Projects will likely focus on improving their security measures, including rigorous testing and vulnerability assessments. The Wormhole bridge, in particular, may face heightened attention to address its composability issues and ensure the safety of its users.
Additionally, users and investors may become more cautious when engaging with DeFi platforms, especially those involving bridges that connect different blockchains. The incident may prompt a reevaluation of the risks associated with composability and cross-chain transactions, potentially leading to a push for more standardized security protocols and practices in the DeFi space.
