Fogo Foundation Breach Sends 400 Million FOGO Tokens to Attacker, Price Drops 20%

A security breach at the Fogo Foundation, which supports the layer-1 blockchain Fogo, resulted in 400 million FOGO tokens being transferred out. FOGO fell about 20% after news of the incident.

In a post on its official X account on Aug. 28, the foundation said an unidentified attacker compromised the organization and sent 400 million FOGO tokens to a malicious actor. It did not disclose the attack vector, the affected wallet or the route taken by the stolen tokens.

The stolen amount equals 4% of FOGO's initial supply of 10 billion tokens. It also exceeds 10% of the current circulating supply of about 3.88 billion tokens. Based on the post-incident price of $0.00745 per token, the loss is estimated at about $3 million. The foundation has been allocated 21.76% of the initial supply for ecosystem support and grants.

The foundation said it immediately notified major cryptocurrency exchanges of the incident and asked for cooperation in blocking deposits, withdrawals and cash-outs tied to the stolen tokens. It added that it is also working with law enforcement authorities and blockchain forensics firms to track the attacker and the flow of funds.

The foundation said the incident did not affect the Fogo blockchain itself. The network is continuing to produce blocks normally, and transaction processing has not been disrupted. The foundation did not disclose how its account was compromised, whether additional losses are possible, or how it plans to handle the stolen tokens. FOGO was trading around $0.00745, down about 20% over the past 24 hours after the breach was disclosed.