Fogo Halts Mainnet After 400M FOGO Token Compromise

Fogo temporarily halted its mainnet on August 29 after a reported token compromise, saying the move was intended to prevent further movement of assets tied to unauthorised activity. In its latest update, posted at 16:29 UTC, the network said validators would upgrade the chain to restrict addresses associated with the activity.

Mainnet halted for validator address restrictions

Fogo said the halt was temporary and that validators would implement an upgrade restricting addresses associated with the activity.

The action followed same-day disclosures that a substantial amount of FOGO had been transferred to an unknown actor. Fogo described the associated addresses and assets as linked to unauthorised activity, but did not provide further technical details in the update.

The announcement did not specify when the mainnet would resume.

Foundation reports 400 million FOGO transferred

At 01:13 UTC on August 29, the Fogo Foundation said an unknown actor had compromised the organisation and transferred 400,000,000 FOGO tokens to a bad actor. It said exchanges, law enforcement and forensic specialists had been notified.

The tokens accounted for about 4% of FOGO's 10 billion genesis supply and more than 10% of its circulating supply, according to The Block. The publication estimated their value at close to $3 million at the time.

Bitget and KuCoin suspend FOGO transfers

Exchange access was also affected. Bitget suspended FOGO deposits and withdrawals for wallet maintenance at 00:10 UTC on August 29, according to its support notice. It did not give a time for services to restart.

KuCoin also announced a temporary suspension of FOGO deposits and withdrawals, citing essential maintenance.

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