$1 000 000 USD

DECEMBER 2024

GLOBAL

FEED EVERY GORILLA (FEG)

DESCRIPTION OF EVENTS

Feed Every Gorilla (FEG) is a decentralized crypto project designed to provide a unique ecosystem built around a single token supply. The FEG token serves as the foundation for the entire SmartDeFi platform, supporting its various features such as cross-chain compatibility, advanced token creation, and asset-backed tokenization. With a strong emphasis on security, transparency, and community involvement, FEG aims to offer users a secure and sustainable way to engage with decentralized finance. The token is tradable across multiple blockchains, including Ethereum, BNB, and BASE, and is listed on top exchanges.

 

"a community-driven, innovative DeFi project committed to transparency, long-term sustainability, and inclusivity. By prioritizing security, ethical practices, and empowering users through accessible financial tools and opportunities, FEG aims to revolutionize decentralized finance and foster a thriving, trustworthy ecosystem."

 

FEG (Feed Every Gorilla) is a dedicated decentralized finance (DeFi) project that includes the next-generation Token Launchpad, SmartDeFi™, which has been rigorously audited for security and performance. Initially deployed on the BNB blockchain, FEG has ambitious plans to expand its reach to multiple EVM-compatible chains, increasing accessibility and interoperability within the DeFi space. FEG aims to provide a robust ecosystem with features designed to enhance investment strategies and simplify the launch and management of tokens.

 

The SmartDeFi™ Token Launchpad is one of FEG's core innovations, designed to support a variety of investment strategies. It offers multi-asset backing, allowing tokens to be backed by assets like BNB, USDC, and more. Investors can redeem tokens by burning them for their asset-backing value, provided it's competitive with market prices, or take advantage of interest-free loans with a 30-day repayment period. The platform also includes adaptive tokenomics, which allows projects to modify their token structures to align with evolving goals or market strategies, with a built-in security delay to protect investors. Furthermore, the integration of RFI (Reflect Finance) technology improves functionality by giving projects the choice between RFI or Non-RFI setups, enhancing investment outcomes.

 

A key feature of the SmartDeFi™ launchpad is its tokenless presale model, a pioneering approach where investors contribute to liquidity and receive an equivalent dollar value in tokens, which are held by the contract. When investors withdraw, they get their new value in BNB, while the corresponding tokens are burned, helping to preserve market price stability and enhance the security of the presale process. During this time, investors also earn DEX liquidity provider fees, adding an additional layer of incentive. Additionally, FEG supports real-world asset tokenization, allowing users to tokenize physical assets like real estate or commodities, with dividends distributed through its fully-audited staking protocol, creating a deeper connection between the digital and physical worlds.

 

For users seeking easy access to project data and market updates, FEG has developed the FEGtrack app, available on both Android and iOS. This app offers project data, charting, and market news, making it easier for users to stay informed about their investments. FEG also provides a custom trading and charting platform where tokens from the launchpad can be traded. This platform routes through popular decentralized exchanges like UniSwap and PancakeSwap and integrates tools from TradingView, ensuring users have access to comprehensive trading features. Through these offerings, FEG is positioning itself as a powerful tool for both new and experienced investors in the DeFi space.

 

The FEG token smart contract contained a security issue, specifically involving the wormhole bridge and potentially compromising token transactions.

 

"Analysis suggests that the root cause of the incident appears to be a composability issue arising from the integration with the underlying Wormhole cross-chain bridge, which facilitates cross-chain message and token transfers."

 

Losses were estimated at $1m USD.

 

After the FEGToken smart contract exploit on December 5th, 2024, the FEG team did not acknowledge the issue publicly for 25 days, despite continuing to post promotional content about the token during this period. On December 5th, they announced the listing of $FEG on Biconomy, with a trading pair opening on December 9th, and posted updates about bitcoin’s price. They also ran a daily quiz competition and promoted the unique CDF tokens, offering rewards in the form of these tokens, which provided VIP access to SmartDeFi features.

 

It wasn’t until December 29th, 2024, that FEG made an official statement regarding the exploit. In this update, they confirmed that the issue was due to a vulnerability in the wormhole bridge, which had previously been audited. The team acknowledged the frustration caused by the exploit and the delay in communication, explaining that they were working with PeckShield to investigate the root cause. They also clarified that the SmartDeFi contract code was not compromised but had been paused as a precautionary measure.

 

On December 30th, FEG offered a buyback program to users who purchased tokens after the exploit, allowing them to return the tokens for a refund at the original purchase price, plus a 25% bonus, within a 48-hour window. Despite the lack of immediate acknowledgment, the team continued to work on stabilizing the ecosystem and preparing for a relaunch.

 

Finally, on January 3rd, 2025, FEG posted an update expressing gratitude to the community for their patience and outlining the progress made toward the relaunch. They confirmed the official relaunch date for January 18th, 2025, marking the return of the $FEG token and the revitalization of the ecosystem.

 

FEG has offered a buyback program for users who lost funds due to the exploit. If users purchased tokens after the exploit, FEG is asking them to send the tokens back within 48 hours. In return, FEG will buy back the tokens at the original purchase price and offer an additional 25% bonus as a reward for their loyalty. This buyback program was time-sensitive, and after the 48-hour window, users losses were permanent.

 

The relaunched FEG token continues to operate.

 

Explore This Case Further On Our Wiki

Feed Every Gorilla (FEG) is a decentralized finance (DeFi) project built around a single token supply, with a focus on security, transparency, and community involvement. The project launched via the SmartDeFi™ Token Launchpad, which supports multi-asset backing, adaptive tokenomics, and tokenless presales. FEG also enables real-world asset tokenization and has developed tools like the FEGtrack app for easy access to project data. However, a significant exploit occurred starting December 5th, 2024, involving a vulnerability in the wormhole bridge, resulting in losses estimated at $1 million. Despite continuing to promote the token, the FEG team did not acknowledge the exploit until December 29th, 2024. They later offered a buyback program for users who purchased tokens after the exploit, providing refunds and a 25% bonus. After addressing the issue and stabilizing the ecosystem, FEG announced its official relaunch on January 18th, 2025.

Sources And Further Reading

 For questions or enquiries, email info@quadrigainitiative.com.

Get Social

  • email
  • reddit
  • telegram
  • Twitter

© 2019 - 2025 Quadriga Initiative. Your use of this site/service accepts the Terms of Use and Privacy Policy. This site is not associated with Ernst & Young, Miller Thompson, or the Official Committee of Affected Users. Hosted in Canada by HosterBox.