Fogo, a high-speed SVM Layer 1 built for onchain trading, halted its mainnet after an attacker received 400 million FOGO tokens worth roughly $3M. That is 4% of the 10 billion genesis supply and more than 10% of the circulating float.

The Fogo Foundation said an unknown actor compromised the organization and sent the tokens to a bad actor, insisting at first that there was no impact to the blockchain, which "continues to operate as normal." The network was halted within the hour anyway, about 15 hours after the initial disclosure, so validators could ship an upgrade that restricts the addresses tied to the unauthorized transfers. The Foundation has not named the attack vector and has not described the incident as a flaw in Fogo's consensus or execution software, which points at an operational compromise rather than a protocol bug.

FOGO fell roughly 18% to about $0.0075 on the news, and Bitget and KuCoin suspended deposits and withdrawals while the chain stays down. No restart timeline has been published.

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