MXC Exchange has now issued a resolution plan for the FinNexus (FNX) incident and swap the deployment of the FNX token new contract. FinNexus has been rebranded as Phoenix Finance with the ticker as PHX. Details are as below:
Solution for FinNexus Incident
Incident Review:
Since FNX was hacked on May 17, 2021, a large number of minted FNX tokens were issued in the FNX contract causing the price of FNX to decrease at an alarming rate. MXC has maintained constant contact with the FinNexus team to discuss various compensation options for our affected users. The solution given by the FinNexus team is to exchange the old tokens with the new PHX tokens at a 1:1 ratio. Details are as follows:
According to the official announcement of FNX, the FNX team will take a snapshot of positions held before the hack and distribute the new PHX token at a ratio of 1 FNX : 1 PHX. We will be comparing the official FNX snapshot time with MXC snapshot time [22:42, May 17, 2021 (UTC+8)].
1) Users who have not trade after 22:42, May 17, 2021 (UTC+8): FNX will be exchanged for PHX at a 1:1 ratio.
2) Users whose nett buy in is greater than 0 between 22:42, May 17, 2021 (UTC+8) and the time of FNX trading suspension on MXC: Quantity of PHX obtained = (nett buy in price / 0.34) * nett buy in quantity of FNX.
3) Users whose nett buy in less than 0 between 22:42, May 17, 2021 (UTC+8) and the time of FNX trading suspension on MXC: Quantity of PHX obtained = Total assets before hacking occurs — total sold FNX tokens from the beginning of the hacking incident to the trading suspension time on MXC
4) Users who made deposit before the suspension of trading: The tokens deposited after FNX’s official snapshot time but before MXC’s suspension of FNX trading time can be transferred out at any time.
Details of FNX Contract Address Swap
1) The new PHX tokens will automatically replace the FNX code, and FNX tokens will lose their actual value;
2) The PHX contract address is as follows: 0xaec65404ddc3af3c897ad89571d5772c1a695f22
Risk Warning
Cryptocurrency is subjected to high market risk. Please choose your investments cautiously. MXC Exchange will make best efforts to choose high quality tokens, but will not be responsible for your investment losses.
