Fogo blockchain halts its mainnet after 400 million tokens were stolen, representing a significant portion of its circulating supply.
The Fogo blockchain team has temporarily halted its mainnet following the unauthorized acquisition of 400 million FOGO tokens, which constitutes over 10% of the token's circulating supply. This action was taken as a precaution to prevent any further movement of the affected assets.
"The halt is being initiated to prevent further movement of the affected assets," the team stated in their announcement.
The network upgrade is intended to impose restrictions on addresses associated with this unauthorized activity, although the team has not yet provided a timeline for resuming operations or specifics on the mechanisms involved.
Prior to the mainnet halt, the Fogo Foundation disclosed that a malicious actor had compromised their system and obtained the tokens. Despite this breach, the Foundation asserted that the blockchain remained operational at that time.
The incident involves tokens valued at approximately $3 million, based on FOGO trading at around $0.0075 at the time of the breach. The stolen tokens represent about 4% of the total supply of ten billion tokens.
Following the incident, two major exchanges, Bitget and KuCoin, took precautionary measures by suspending deposits and withdrawals of FOGO, citing wallet maintenance as the reason.
Fogo launched its mainnet in January 2026 after a $7 million token sale on Binance, achieving a project valuation of $350 million. The blockchain is positioned as an efficient Layer 1 solution aimed at enhancing on-chain trading with a rapid block time of just 40 milliseconds.
This incident follows a recent warning from Cosmos Labs, which had advised halting operations for networks employing the Cosmos EVM module due to ongoing attacks affecting several blockchains.
