Fogo has halted its Layer 1 mainnet after an unauthorized actor received 400 million FOGO from the Fogo Foundation, worth roughly $3 million at current prices and equal to about 4% of the tok
Fogo has halted its Layer 1 mainnet after an unauthorized actor received 400 million FOGO from the Fogo Foundation, worth roughly $3 million at current prices and equal to about 4% of the token’s 10 billion genesis supply.
The Foundation initially disclosed the 400 million FOGO transfer late Friday, saying the compromise affected the organization while the blockchain continued operating normally. Roughly 15 hours later, Fogo temporarily halted its mainnet to prevent further movement of the affected assets.
Validators are preparing a network upgrade designed to restrict addresses linked to the unauthorized activity before normal operations resume. Fogo notified exchanges, law enforcement and forensic specialists after discovering the transfer.
The Foundation has not identified the attack vector or characterized the event as a vulnerability in Fogo’s underlying consensus or execution software. The affected assets originated from Foundation-controlled holdings, separating the compromise from the recent KiiChain network halt, where an EVM-module vulnerability enabled funds to leave the Layer 1 through Hyperlane.
The stolen amount also represents a substantially larger portion of immediately circulating tokens than of total genesis supply. Fogo currently has roughly 3.88 billion FOGO in circulation, putting the 400 million tokens at more than 10% of circulating supply.
Bitget suspended FOGO deposits and withdrawals on August 29, citing wallet maintenance and leaving the reopening time pending. The suspension began roughly an hour before Fogo’s initial public disclosure.
KuCoin subsequently halted FOGO deposits and withdrawals, also citing maintenance. Trading availability is separate from the ability to move FOGO onto or off the exchanges while the network response continues.
FOGO entered major exchange markets earlier this year following products including OKX pre-market futures. Fogo’s tokenomics allocate 21.76% of the genesis supply to the Foundation, with that allocation fully unlocked for grants, incentives and ecosystem programs.
FOGO suffered its largest immediate price move on August 28, falling about 20% as the compromise became public. Trading volume jumped sharply from roughly $1 million on preceding sessions to several million dollars as the market reacted.
The token was trading near $0.00757 early Sunday, with a market capitalization around $29.4 million and approximately $7.3 million in 24-hour volume. FOGO remained about 20% lower over seven days, while the 400 million affected tokens were worth roughly $3.03 million at the latest price.
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