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FollowingFogo's main network was suspended due to attack: Attackers captured 10% of circulating supply
Key points
The attacker captured 10% of Fogo's circulating supply, approximately US$3 million in tokens, within the first few weeks of online transactions on the chain.
The stolen coins account for approximately 4% of Fogo's Genesis supply-the Genesis supply is a fixed batch minted at the start of the project.
After the transaction was flagged, the verifier manually stopped block production.
The day before the Fogo incident, another vulnerability stole $5.7 million from six Cosmos EVM chains.
Fogo hack insider: The beginning and end of freezing new Layer 1
The stolen tokens account for approximately 4% of Fogo's Genesis supply-Genesis supply is a fixed batch minted at the start of the project. In the early days of the project, the creation supply was much larger than the circulation supply. It was this gap that caused the 4% creation proportion to be converted into 10% of FOGO's open circulation.
When the transfer was flagged, the verifier manually stopped block production. This is a crude but common response to young networks that lack automatic circuit breakers.
Fogo (FOGO) positions itself as a high-throughput Layer 1 blockchain-it settles transactions itself rather than routing them through Bitcoin or Ethereum. The attack comes as it attempts to attract traders from mature networks.
The freeze prevents withdrawals related to stolen tokens, while engineers are investigating how the breach occurred.
Fogo hacking joins Layer 1 growth pains
The incident occurred the day after another vulnerability stole $5.7 million from six Cosmos EVM chains-a reminder that once liquidity becomes available, a new clearing layer can attract attackers. A 10% loss of circulation supply is more severe than most attacks, which typically only steal a single-digit percentage of the token in circulation. After trading resumes, the concentration of supply, rather than just the value of the dollar, determines how much an attack can distort the price of the young token.
Fogo's next step in freezing tokens
Fogo has not yet said when block production will resume or whether it will attempt a rollback to reverse the theft-an option that is contrary to blockchain's promise of immutability. As of Saturday night, no major exchange had suspended FOGO trading. The real test is whether traders will return once the main network is reopened, or whether this will become another reason for users to distrust the new Layer 1 network.
