Fogo Mainnet Goes Dark After Attacker Snags 400 Million Tokens
Layer 1 network Fogo hit the kill switch on its blockchain after an exploit gave an attacker 10% of the circulating supply.
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Key takeaways
- Fogo developers halted the Layer 1 mainnet following a major security breach.
- An attacker secured 400 million FOGO tokens, valued at approximately $3 million.
- The stolen funds represent 10% of the circulating supply and 4% of the genesis allocation.
Fogo's mainnet is completely offline. Devs hit the pause button on the Layer 1 network after an attacker yanked 400 million FOGO tokens straight out of the protocol.
400 million tokens is a brutal hit for a network this size. That single stash makes up 10% of every FOGO token in circulation right now, plus about 4% of the project's total genesis supply. When the exploit went down, those stolen tokens tallied up to roughly $3 million.
Why it matters
Handing a single bad actor a tenth of your circulating supply vaporizes market stability in seconds. Freezing the mainnet keeps the hacker from dumping $3 million in stolen loot into liquidity pools. Bad news for everyday FOGO holders though—they're completely locked out of their money while the team tries to figure this out.
Source: The Block
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