Fogo blockchain stops for 46 hours after $2.9 million token theft
Fogo’s blockchain, called a mainnet, has been stopped for 46 hours after 400 million FOGO tokens were sent to an unauthorized address. The network has not produced any new blocks since Saturday, and the Fogo Foundation has not announced when it will restart.
Network frozen after token theft
The Fogo Foundation first said on August 28 that 400 million FOGO tokens were stolen but claimed the blockchain itself was unaffected. About 15 hours later, the network was halted to prevent further movement of the stolen tokens. The foundation’s latest update states it will upgrade the network to restrict the addresses involved, but no timeline for a restart has been given.
The stolen tokens represent 10.3% of FOGO’s circulating supply and 4% of its total supply. At the time of the halt, they were worth about $2.9 million. The token’s price has dropped 18.4% over the past week.
Key numbers
- 400 million FOGO tokens stolen, worth roughly $2.9 million
- Network halted for 46 hours with no restart timeline
- $987,291 in deposits frozen across four protocols on the chain
- FOGO token price down 18.4% over seven days
How the network was stopped
Fogo uses a small group of seven validators, approved by a council, to secure its blockchain. This setup allows for quick coordination to halt the network in emergencies. The foundation has not explained how the tokens were stolen or which addresses received them.
Trading continues despite frozen deposits
Exchanges like KuCoin and Gate have disabled deposits and withdrawals for FOGO, but trading remains open. This means users can still buy and sell the token even though the blockchain is not processing transactions.
Fake compensation vote circulates
A fake account impersonating the Fogo Foundation has posted a false claim about a community vote for a compensation plan. The foundation has warned users to rely only on its official channel for updates. No such vote has been announced.
What is confirmed
- Fogo’s mainnet has been halted for 46 hours
- 400 million FOGO tokens were stolen from the Fogo Foundation
- The network will be upgraded to restrict the addresses involved
- Deposits and withdrawals are disabled on major exchanges, but trading continues
- A fake account is spreading misinformation about a compensation vote
What is still unclear
- How the tokens were stolen
- Which addresses received the stolen tokens
- When the network will restart
- Whether affected users will be compensated
Why this matters
The halt freezes all activity on the Fogo blockchain, including $987,291 in deposits across multiple protocols. The incident highlights the risks of centralized validator sets, which can quickly stop a network but also leave users dependent on a small group of operators to resume normal activity.
Sources
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