Fogo mainnet stays halted more than 46 hours after theft of 400M tokens
Security & Exploits ·
The network has produced no new block since Saturday, and the foundation has not disclosed how the tokens were taken or set a restart timeline.
Fogo's mainnet stopped producing blocks roughly 46 hours ago after an attacker obtained 400 million FOGO tokens, equal to about 10.3% of the 3.88 billion circulating supply, according to The Defiant. The stolen amount is also about 4% of the 10.05 billion tokens in existence and was worth roughly $2.9 million at Monday's price.
The foundation's validator council, which controls block production, paused the chain as what it called a precautionary measure to prevent further movement of the affected assets. That halt has frozen every position on the network, including $987,291 in deposits spread across four protocols, with the largest balances sitting at Ignition LST, Pyron, Brasa Finance and Valiant Trade. The foundation's stated plan is to upgrade the network to restrict the addresses tied to the incident, an option available because Fogo's voting validator set is run by seven operators.
Major exchanges have moved to limit exposure. KuCoin and Gate disabled FOGO deposits and withdrawals while continuing to allow trading, a response also noted by wublockchain.xyz. The foundation initially said the compromise had no impact on the blockchain itself, but the network was halted about fifteen hours after that statement, and no attack vector, affected addresses, or restart time has been disclosed since.
FOGO's price has fallen alongside the disclosures, trading down over the past week and setting an all-time low during the halt, well below the level reached at the token's public mainnet launch earlier this year. Onchain metrics have been static for three straight days, with no exchange volume recorded on the chain and total value locked unchanged since the stop began.
What remains unresolved is how the attacker gained access to the foundation-held tokens, which addresses received them, and when the validator council will resume block production. The foundation has also not indicated whether affected users or protocols will be compensated, leaving the extent of the fallout, and confidence in Fogo's governance structure, dependent on details it has yet to release.