Fogo mainnet temporarily halted after unauthorized activity drains 400 million tokens from foundation wallets

Fogo, the high-performance Layer 1 blockchain built on the Solana Virtual Machine, pulled the emergency brake on its mainnet on August 29 after detecting unauthorized activity involving its foundation-controlled wallets. Approximately 400 million FOGO tokens, representing about 4% of the total 10 billion supply, were transferred to an attacker in what appears to be a direct compromise of the Fogo Foundation itself. The stolen tokens were valued at roughly $3 to $3.88 million based on post-incident pricing. FOGO’s price dropped approximately 18-20% following the announcement, settling around $0.0075. What happened and how Fogo responded The Fogo Foundation confirmed the mainnet halt through its official channels after initial reports had incorrectly suggested the blockchain was still running normally. The decision to pause the entire network was made to prevent any further unauthorized movement of assets. The foundation moved quickly on multiple fronts. Exchanges were notified, law enforcement was contacted, and forensics teams were brought in to trace the attack vector. Several major exchanges, including Bitget and MEXC, responded by temporarily suspending deposits and withdrawals ...