Fogo halts mainnet after attacker receives 400 million FOGO tokens, 10% of circulating supply

Fogo halted its mainnet on Saturday about 15 hours after the Fogo Foundation said an attacker received 400 million FOGO tokens. The tokens were worth about $3 million at the time. The network halt occurred 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 explain how the restrictions would work or provide a restart time. In a 9:13 p.m. ET post on Friday, the Foundation said an unknown actor had compromised the organization and sent 400 million tokens to a bad actor. The Foundation said exchanges, law enforcement and forensic specialists had been notified. The Foundation had not detailed the attack vector or disclosed which addresses were targeted. The Foundation initially said the Fogo blockchain continued to operate normally without impact. The 400 million tokens represented 4% of FOGO's 10 billion-token genesis supply. The tokens represented more than 10% of FOGO's current circulating supply. DefiLlama data showed FOGO trading near $0.0075 at the time of writing. Bitget suspended FOGO deposits and withdrawals about an hour before Fogo's first public disclosure. Bitget described the reason as wallet maintenance. KuCoin later announced a similar suspension. A March guide on Fogo's website claimed that the mainnet had maintained 100% uptime since launch. The claim had not been updated after Saturday's halt. Fogo launched its mainnet in January after a $7 million Binance token sale. The sale was conducted at a $350 million valuation. Fogo markets itself as a high-speed Layer 1 for onchain trading. The project targets 40-millisecond block times and reduced exposure to maximal extractable value.