Crypto trading app FOMO denies $6 million hack allegations on iOS

FOMO app denies causing $6 million in crypto losses

The crypto trading platform FOMO has denied allegations that an update to its iOS app caused users to lose $6 million in cryptocurrency. The claim was made on social media by an account focused on Solana trading, which said a friend lost 662 SOL (about $62,000) after opening the app.

FOMO co-founder Prashan Dharmasena called the accusation false, stating the account in question never interacted with FOMO’s system. The app remains available in Apple’s App Store.

Key details of the dispute

• A social media post claimed FOMO’s iOS app update led to $6 million in losses, with one example showing 662 SOL ($62,000) moved from a wallet.
• The transaction is real and visible on Solana’s blockchain, but FOMO says it was not authorized through its system.
• FOMO’s security documentation states it cannot access or move user funds, as it is a self-custodial wallet—a type of crypto wallet where users control their own assets.
• The accuser, an X account called Derivatives_Ape, is linked to a past crypto project accused of misusing investor funds.

Conflicting claims about the incident

The original allegation came from Derivatives_Ape, who said a friend watched funds disappear from their wallet while the FOMO app still showed the balance. The post suggested FOMO’s code might have included something malicious.

FOMO’s co-founder argued the wallet in question never signed a transaction through FOMO’s fee payer, meaning the app was not involved. A third-party account also defended FOMO, claiming the wallet was not created through the app and that similar posts might be part of a coordinated effort.

What is confirmed

• A transaction moving 662 SOL from a wallet occurred 14 minutes before the allegation was posted.
• FOMO denies any role in the transaction and says the wallet never interacted with its system.
• The FOMO iOS app is still live in Apple’s App Store.
• FOMO has raised $94 million in funding from investors, including Benchmark and Index Ventures.

What remains unclear

• Whether the lost funds were caused by a flaw in the FOMO app, user error, or another issue.
• The total number of affected users and the exact amount lost, as the $6 million figure is an estimate without evidence.
• The motives behind the allegations, as the accuser has ties to a past crypto controversy.

Why this matters for crypto users

This dispute highlights risks in crypto trading apps. Even if FOMO is not at fault, the case shows how quickly funds can be lost in crypto transactions. Users should be cautious when updating apps and verify transactions independently using blockchain explorers—tools that let anyone view crypto transactions.

Sources

• Protos