$FOGO
On Saturday, it paused its network. About 15 hours earlier, the $Fogo Foundation said the attacker had obtained 400 million $FOGO tokens, which at the time were worth about $3 million. The pause was issued within an hour before the announcement at 12:29 p.m. Eastern Time from $Fogo, with the aim of preventing affected assets from moving further while validators upgraded the network. The project did not provide a restart time or detailed information on the restriction measures.
In a Friday 9:13 p.m. Eastern Time announcement, the foundation said an unidentified actor had breached the organization and sent the 400 million tokens to a “malicious actor,” and that exchanges, law enforcement, and forensic experts had been notified. The 400 million tokens represented 4% of $FOGO ’s 10 billion token genesis supply, and exceeded 10% of its current circulating supply. DefiLlama showed that at the time, the $FOGO price was close to 0.0075, or about $3 million in value. Bitget paused $FOGO deposits and withdrawals about an hour before $Fogo’s first public disclosure due to wallet maintenance, and KuCoin later announced a similar pause.
$Fogo launched its mainnet in January after a $7 million round of Binance token sales, valuing the project at $350 million. The project positions itself as a high-speed Layer 1, targeting 40 millisecond block times and reducing exposure to MEV.
On Saturday, it paused its network. About 15 hours earlier, the $Fogo Foundation said the attacker had obtained 400 million $FOGO tokens, which at the time were worth about $3 million. The pause was issued within an hour before the announcement at 12:29 p.m. Eastern Time from $Fogo, with the aim of preventing affected assets from moving further while validators upgraded the network. The project did not provide a restart time or detailed information on the restriction measures.
In a Friday 9:13 p.m. Eastern Time announcement, the foundation said an unidentified actor had breached the organization and sent the 400 million tokens to a “malicious actor,” and that exchanges, law enforcement, and forensic experts had been notified. The 400 million tokens represented 4% of $FOGO ’s 10 billion token genesis supply, and exceeded 10% of its current circulating supply. DefiLlama showed that at the time, the $FOGO price was close to 0.0075, or about $3 million in value. Bitget paused $FOGO deposits and withdrawals about an hour before $Fogo’s first public disclosure due to wallet maintenance, and KuCoin later announced a similar pause.
$Fogo launched its mainnet in January after a $7 million round of Binance token sales, valuing the project at $350 million. The project positions itself as a high-speed Layer 1, targeting 40 millisecond block times and reducing exposure to MEV.