Another new chain “crashed” — the mainnet directly shut down
Fogo’s high-speed L1 halted the entire network on Saturday, and the coin price is still hovering around 0.0075.
The cause is bizarre. The foundation said its organization was breached by an unknown attacker.
4 hundred million FOGO tokens were transferred out. At the time, they were worth about $3 million, accounting for more than 10% of the circulating supply.
According to the official account, the attacker simply took the coins away “out of nowhere.”
Even more embarrassing: that same night, the official said the chain was fine and running normally.
Then 15 hours later, the mainnet stopped. So much for “nothing wrong.”
The slap came too fast — like a tornado.
The response was decisive: pause asset-related defenses to keep funds moving, have validators upgrade the network, and restrict related addresses.
But the restart time wasn’t mentioned at all. They probably don’t have certainty either.
Remember, Fogo only launched this January. It debuted with a $7 million token sale via Binance, with a valuation of $350 million.
It promised 40,000 transactions per second, and the marketing copy even claimed 100% normal operation since launch.
Now that record has been shattered. Even advertising law would want to laugh.
Fast chain throughput isn’t enough if security can’t keep up. No matter how fast you run, you’re still running half-naked.
When something goes wrong on-chain, there’s no “regret button.” Once assets are transferred out, getting them back depends largely on luck.
This time they only lost $3 million — a rare bit of luck in an unfortunate situation.
But next time, you may not be so lucky.
Choosing a chain is just like choosing a partner: don’t only look at how good they look and how fast they run.
First, ask whether the security team is reliable, whether code audits were thorough, and done properly.
This lesson should be recorded by the whole industry. Don’t wait until it’s your turn to say it hurts.
Every day I’ll bring you coverage of security hot topics—not just what happened in the news, but also the logic and opportunities behind it 👀🚀
Click the link below to follow me👇🏻加入小恐龙粉丝群
#Security #L1 #Fogo
Fogo’s high-speed L1 halted the entire network on Saturday, and the coin price is still hovering around 0.0075.
The cause is bizarre. The foundation said its organization was breached by an unknown attacker.
4 hundred million FOGO tokens were transferred out. At the time, they were worth about $3 million, accounting for more than 10% of the circulating supply.
According to the official account, the attacker simply took the coins away “out of nowhere.”
Even more embarrassing: that same night, the official said the chain was fine and running normally.
Then 15 hours later, the mainnet stopped. So much for “nothing wrong.”
The slap came too fast — like a tornado.
The response was decisive: pause asset-related defenses to keep funds moving, have validators upgrade the network, and restrict related addresses.
But the restart time wasn’t mentioned at all. They probably don’t have certainty either.
Remember, Fogo only launched this January. It debuted with a $7 million token sale via Binance, with a valuation of $350 million.
It promised 40,000 transactions per second, and the marketing copy even claimed 100% normal operation since launch.
Now that record has been shattered. Even advertising law would want to laugh.
Fast chain throughput isn’t enough if security can’t keep up. No matter how fast you run, you’re still running half-naked.
When something goes wrong on-chain, there’s no “regret button.” Once assets are transferred out, getting them back depends largely on luck.
This time they only lost $3 million — a rare bit of luck in an unfortunate situation.
But next time, you may not be so lucky.
Choosing a chain is just like choosing a partner: don’t only look at how good they look and how fast they run.
First, ask whether the security team is reliable, whether code audits were thorough, and done properly.
This lesson should be recorded by the whole industry. Don’t wait until it’s your turn to say it hurts.
Every day I’ll bring you coverage of security hot topics—not just what happened in the news, but also the logic and opportunities behind it 👀🚀
Click the link below to follow me👇🏻加入小恐龙粉丝群
#Security #L1 #Fogo
