FinNexus Statement Regarding the May 2021 Hack

Crypto Michele
May 18 · 3 min read

Dear Community,

The FinNexus team sincerely regrets to inform our investors and supporters that we have been the victim of a hack on May 17, 2021. The hack did not exploit the coding in our contracts, which are fully audited and remain safe, but has led to the project suffering a significant loss.

Rest assured, we intend to deal with this problem with the same transparency and professionalism we have always strived for in the past, maintaining direct contact with our community.

As this statement is being written, the team is working around the clock to find a way forward and deal with this issue at all levels — addressing our investors’ concerns, fixing the security flaw that enabled the hack, and formulating a plan to carry the platform onward on the path of growth.

FinNexus is here to stay.

What happened

Part of the hardware powering FinNexus has been compromised by malware, in what appears to be a targeted attack on our platform. An unknown hacker infiltrated the FinNexus system and managed to recover the private key to the ownership of the FNX token contract.

The attacker then transferred the ownership of the contract and proceeded to mint over 323,000,000 FNX. In less than an hour, the hacker sold them on both centralized and decentralized exchanges, leading to a price dump.

FinNexus’ Response

As soon as the attack took place we notified the exchanges we operate on to stop trading FNX, while our developers performed checks across the board on our contracts to make sure they were not compromised. Rest assured that the private keys to the owner of other FinNexus contracts are safe and no code flaw has been exploited.

We are currently in contact with centralized exchanges as well as with our partners at Wanchain — the cross-chain portal — to mitigate adverse effects on our users and trace the hacked funds, in a concerted effort to freeze them.

The way forward

The first step will be to replace FNX with a new token which will be delivered to our users. A snapshot of the various addresses right before the hack will be taken and users will receive a new coin in what shall be a second start for FinNexus.

As we operate on three chains — Ethereum, BSC and Wanchain — we kindly ask our users to be patient, as downloading all data will take a while. A formal date will be set and you will be kept informed at all times.

A new statement with relevant details will be forthcoming soon, covering all the information about the relaunch of the token and the FinNexus protocol.

Whereas we the team are both professionally and personally affected by this, we are confident FinNexus will emerge stronger from this crisis — the project’s security systems improved and our awareness heightened.

We thank all our users and community members, investors and traders for their support and trust at this peculiar time.

Phoenix Finance

Phoenix Finance