The team behind the Fogo layer-one blockchain has made an emergency halt to its mainnet operations. The decision was made following an incident involving the mass minting of digital assets. An unknown party gained access to 400 million FOGO tokens — a volume exceeding ten percent of the current circulating supply. Project leadership initiated the shutdown to prevent further movement of the affected assets. No precise timeline for the network restart has been announced.
Approximately fifteen hours before the full shutdown of the Fogo blockchain, representatives of the foundation reported that the organization had been compromised. According to the official account, the tokens ended up in the hands of a malicious party. Initially, developers claimed that the core operation of the distributed ledger had not been disrupted. The project did not disclose the technical attack vector. The team also did not specify which addresses were affected. A network update is required to restrict the suspicious addresses.
The 400 million tokens obtained by the attacker represent four percent of the total genesis supply of ten billion units. At the time of the incident, the FOGO market price was around $0.0075. The value of the compromised token package was estimated at approximately three million dollars. The Bitget exchange suspended deposits and withdrawals of the asset roughly an hour before the project's first public statement, attributing the decision to scheduled wallet maintenance. KuCoin later introduced similar restrictions.
The Fogo blockchain mainnet launched in January 2026, following a token sale on Binance during which the developers raised seven million dollars. The project's valuation at that time reached $350 million. The team positions its network as a high-speed platform for exchange trading. The stated block time is just 40 milliseconds. The architecture also features reduced exposure to maximal extractable value by validators.
The Fogo blockchain incident is yet another case of a security breach in a distributed network. Previously, Cosmos Labs urged projects using the Cosmos EVM module to suspend operations, as three networks had already fallen victim to similar attacks at that point. Developers later acknowledged that they had underestimated the severity of the identified vulnerability. Recurring incidents underscore the need for continuous code audits and stronger security mechanisms in young blockchains seeking to attract liquidity and active users.