The DeFi protocol FinNexus experienced an unfortunate security breach on May 17, 2021. As a result, the project has decided to rebrand to Phoenix Finance and would like to do a token swap to compensate FNX holders prior to the hack on a new, secure contract. AscendEX has agreed to facilitate a 1:1 swap based on each user’s balance prior to the security breach. AscendEX did not experience any breach in security, and we immediately took the appropriate action to secure our clients' assets.
According to the project’s official plan, the FNX team will distribute new PHX tokens on-chain to all eligible FNX token holders at the ratio of 1 FNX : 1 PHX based on the snapshots of traders’ positions on May 17, at 2:20 p.m. UTC, 2021. AscendEX will complete the FNX token swap to PHX on June 10 at 4:00 p.m. UTC, 2021. After the swap, the FNX token will be removed from our platform.
For users holding FNX, AscendEX will make the following arrangements:
1. For users who hold FNX but have not traded: Their FNX tokens will be swapped into PHX tokens at a 1:1 ratio.
2. For users holding FNX that have completed trades: PNX tokens will be distributed to the eligible users’ accounts using the following calculation: (FNX Holdings on AscendEX + (FNX Buy Amount – FNX Sell Amount) / 0.34.) If the calculated amount of PHX is less than 0, there will not be a PHX distribution.
3. For users who deposited FNX before the FinNexus breach: PHX tokens will be airdropped by Phoenix Finance to eligible users’ deposit addresses. FNX token holders who made deposits after the breach will not be compensated.
1. PHX Smart Contract Address: 0xaec65404ddc3af3c897ad89571d5772c1a695f22
2. The PHX ERC20 token deposit and withdrawal functions will be enabled on June 11 at 2:00 p.m. UTC, 2021. Trading of the PHX/USDT trading pair will open on June 11 at 3:00 p.m. UTC, 2021.
We appreciate your continued support!
The AscendEX Team