Several projects featured on the old FEGex and some old SmartDeFi projects, alongside our own ROX token, experienced a vulnerability that led to the total depletion of LP funds.
In response to this regrettable incident, the FEG team is committed to supporting the projects that trust the foundational mission of both FEG and FEGex.
Besides striving to reclaim the misappropriated funds through traditional methods, the FEG team has creatively developed a range of strategies to accumulate new funds.
The exact timeline for Stage 2 is yet to be determined and will depend entirely on trading volumes, as the sources of income for this plan rely on trading taxes.
This project is set for the long term, and the pace of fund generation and accumulation is crucial.
For instance, the planned vesting period for ROX holders extends to over two years. Hence, we cannot provide a tentative timeline for accumulating the necessary funds.
The repayment of the LP loan is given priority, implying that only after this loan is fully repaid will the process start for methodically accruing the necessary funds to compensate for the stolen funds.
The reason for prioritizing the loan is straightforward: this loan was the lifeline that allowed the project to sustain itself. As a direct result, we can now look forward and continue as a project, thus creating opportunities to generate the funds needed for this recovery stage.
- Gather funds to replenish LP for compromised projects
- Refund ROX investors by airdropping new FEG
- Refund dev teams that are listed on FEGex
- Refund old SD investors
Strategies for Fund Generation
To gather funds for reimbursement of drained projects, we have implemented several strategies:
- We have integrated new FEG taxes that can be used to generate funds over time
- Projects launched on the new SmartDeFi Launchpad will provide a marginal trading fee
- FTW (P2P) Limit-Order platform will have the option of transaction or subscription fees
- Once traffic on the Aggregator permits, we will explore monetization options
Commitment to Affected Investors
We are committed to making sure that all affected investors are reimbursed.
We are actively implementing the planned actions and exploring additional strategies to accelerate recovery.
Updates will be provided when we have completed another step from the plan.