Fogo, a Layer 1 blockchain compatible with the Solana Virtual Machine, suspended its mainnet on August 29 after detecting unauthorized activity involving foundation-controlled wallets. Approximately 400 million FOGO tokens, representing about 4% of the total 10 billion supply, were transferred to an attacker, valued at roughly $3 to $3.88 million. FOGO’s price dropped approximately 18-20% following the announcement, settling around $0.0075. The foundation stated this was an infrastructure-level compromise affecting foundation wallets specifically, not a vulnerability in the chain’s code or consensus mechanism, with no user funds reported as impacted. Major exchanges including Bitget and MEXC temporarily suspended FOGO deposits and withdrawals while the foundation notified law enforcement and brought in forensics teams to trace the attack vector.
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