Fogo halts mainnet after attacker receives 400 million FOGO tokens
This digest was compiled by AI from multiple sources — links to the originals are below.
Layer 1 blockchain Fogo halted its network on Saturday after an attacker received 400 million FOGO tokens, then worth about $3 million. The pause was announced about 15 hours after the Fogo Foundation disclosed the incident, which it has yet to fully explain. The network halt occurred within the hour before Fogo's 12:29 p.m. ET announcement.
Key Facts
- The 400 million tokens taken by the attacker account for 4% of FOGO's 10 billion-token genesis supply and more than 10% of its current circulating supply.
- The tokens were worth about $3 million with FOGO trading near $0.0075 at the time of writing, according to DefiLlama data.
- Bitget suspended FOGO deposits and withdrawals about an hour before Fogo's first public disclosure, describing the reason as wallet maintenance.
- KuCoin later announced a similar suspension of FOGO deposits and withdrawals.
- Fogo launched its mainnet in January after a $7 million Binance token sale conducted at a $350 million valuation.
Network Halt
Fogo halted its network on Saturday about 15 hours after the Fogo Foundation said an attacker received 400 million FOGO tokens. The network was halted within the hour before Fogo's 12:29 p.m. ET announcement. Fogo said the pause would prevent further movement of the affected assets while validators upgraded the network. The project did not provide a restart time or explain how the restrictions would work.
Token Impact
The 400 million tokens taken by the attacker account for 4% of FOGO's 10 billion-token genesis supply and more than 10% of its current circulating supply. The tokens were worth about $3 million with FOGO trading near $0.0075 at the time of writing, according to DefiLlama data. Bitget suspended FOGO deposits and withdrawals about an hour before Fogo's first public disclosure, describing the reason as wallet maintenance. KuCoin later announced a similar suspension.
Project Background
Fogo launched its mainnet in January after a $7 million Binance token sale conducted at a $350 million valuation, The Block previously reported. The project markets itself as a high-speed Layer 1 for onchain trading, targeting 40-millisecond block times and reduced exposure to maximal extractable value (MEV). A March guide on Fogo's website claimed that its mainnet had maintained 100% uptime since launch. That claim had not been updated following Saturday's halt.
1 source
Fogo halts mainnet after attacker receives 400 million FOGO tokens
