Fogo Network Halted After Theft of 400 Million FOGO Tokens

The Fogo Foundation announced the suspension of its mainnet following a security breach in which an attacker gained access to 400 million FOGO tokens, valued at roughly $3 million at current prices. Initially, the network continued to operate, but a decision was made to halt all activity to prevent further losses. The organization has not disclosed how the breach occurred or when the network might resume. Major exchanges Bitget and KuCoin have also suspended deposits and withdrawals of FOGO tokens. The stolen tokens represent more than 10% of the circulating supply, raising concerns over liquidity and trust in the network. The incident raises questions about the security measures in place and the steps the team will take to recover and secure the platform moving forward.