Yet again, the Feed Every Gorilla (FEG) project has suffered another significant security breach. This time, the breach has resulted in a loss totalling to over $1 million. Notably, this incident marks the third major attack on the platform, following two separate exploits in 2022.
Details of the Latest Attack
The recent breach targeted FEG's "SmartBridge," a component designed to facilitate cross-chain token transactions. The attacker exploited a vulnerability within this system, enabling unauthorized withdrawals of substantial FEG token amounts. Subsequently, the stolen tokens were sold off, leading to a dramatic 99% decline in the token's value. In May 2022, FEG experienced two flash loan attacks, resulting in losses totaling $1.9 million. Later that year, an issue with a token locking service led to an additional $2 million loss, though approximately $1.9 million was eventually returned by the exploiter.
Community Reaction
The FEG community has expressed profound frustration and despair over these recurring security breaches. Many token holders have voiced concerns about the project's credibility and the safety of their investments. Some have even speculated about the possibility of internal involvement in these incidents.
Project's Response
In response to the latest attack, the FEG team acknowledged the irregular transactions and shared the community's frustration. They initially suspected a vulnerability in the wormhole bridge, which had previously undergone an audit. Auditor PeckShield attributed the issue to a composability problem arising from integration with the underlying Wormhole bridge.
The repeated security breaches have significantly impacted the FEG project's reputation and the value of its token. These incidents underscore the critical importance of robust security measures and thorough audits in the rapidly evolving decentralized finance (DeFi) space.
FAQs
1. What is the Feed Every Gorilla (FEG) project?
FEG is a decentralized finance (DeFi) project focused on reshaping and evolving how DeFi operates, aiming to provide a robust ecosystem for its users.
2. How many times has FEG been hacked?
FEG has experienced three major security breaches: two in 2022 and the most recent one in 2023.
3. How did the attacker exploit FEG's system in the latest hack?
The attacker exploited a vulnerability in FEG's "SmartBridge," allowing unauthorized withdrawals of large amounts of FEG tokens, which were then sold off.
4. What measures is FEG taking to prevent future attacks?
The FEG team is investigating the vulnerabilities and working to enhance the security of their protocols to prevent such incidents in the future.
