Fogo Halts Mainnet After 400M Token Drain Hits Foundation Wallets

Fogo halted its Solana Virtual Machine-compatible Layer 1 mainnet after unauthorized activity drained approximately 400 million FOGO tokens from foundation-controlled wallets. The drained assets represented about 4% of the network's 10 billion total token supply, carrying a market value between $3 million and $3.88 million. The Fogo Foundation confirmed the incident stemmed from an infrastructure-level compromise of foundation wallets rather than a flaw in consensus or smart contract code, noting user funds weren't impacted. FOGO fell roughly 18% to 20% down to approximately $0.0075 after the announcement, prompting exchanges like Bitget and MEXC to halt deposits and withdrawals. The blockchain, developed by Douro Labs with backing from a Binance token sale, had been live on mainnet since January 2026.