Over 10% of Circulating FOGO Supply Transferred: Fogo Network Halted

Fogo has halted its mainnet after 400 million FOGO was transferred to an attacker’s account, while Bitget and KuCoin have suspended deposits and withdrawals.

Fogo temporarily halted its mainnet approximately 15 hours after the large token transfer. According to a report by The Block citing official statements, the decision was made to prevent further movement of the transferred assets and to allow network validators time to perform a necessary update.

The 400 million FOGO transferred corresponds to more than 10 percent of the token’s current circulating supply. The assets were reportedly worth approximately $3 million at the time of the incident. Fogo has not shared a timeline regarding when the network will resume operations.

Fogo mainnet halted to prevent further token movement

In its initial statement, the Fogo Foundation reported that the organization’s security had been compromised and that 400 million FOGO had been sent to a “malicious actor.” It was noted that exchanges, law enforcement, and forensic experts were contacted, and at that stage, the blockchain continued to operate normally.

With the subsequent decision to halt, validators were scheduled to perform a network upgrade aimed at restricting addresses linked to the unauthorized activity. During this process, Bitget suspended FOGO deposits and withdrawals. KuCoin announced a similar decision. Consequently, FOGO holders faced interruptions in both on-chain transfers and deposit/withdrawal operations on the two major exchanges. Restart conditions and when operations will return to normal have not yet been announced.