Malfeasance as an exotic feels rather lackluster to me, especially in pvp. The exotic perk requires you to land 5 hits in order to cause an explosion on a target. In pvp this is a niche perk that can only be taken advantage of at ranges where your damage drops off. Again this is nice but not worthy of an exotic slot. My recommendation would be to simply decrease the amount of shots it takes to proc by 1. Allowing the malfeasance to 4 shot at greater ranges than other 180s would make it more worthy of our exotic slot. Also considering that their are 180s that can 3 tap you (Luna, nf) that are only legendaries, I don't believe this is an outrageous thing to ask for. If your worried this would break pve, simply adjust the damage differently.
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As it's one of my favorite HC exotics (a long with Ace and Crimson), would love a lil extra love for the weapon. As for 4 shots to proc the perk, I think that would be better for the catalyst or one that allows you to shoot different enemies and still have the slugs proc at the fifth shot, giving the chance to attack multiple enemies at once. I know it wouldnt make sense lorewise, but who says that we won't need to shoot different targets when the Man with the Golden Gun shows up again.