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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The problem with Malfeasance is that it is not consistent. It does not consistently fire at 180, it refuses to fire at times, and the perk does not always proc at 5 successful shots in PvP. When it is being consistent, it is a monster of a weapon. I have no issues with any other 180 hand cannon, just Malfeasance. Had a four month break and have been having fun using it along with the Vanguard pinnacle scout, but the inconsistencies are awful.