TL;DR:
- Crypto trading app FOMO denied that a hack in its iOS version caused the $6M in losses reported on social media.
- Co-founder Prashan Dharmasena rejected the accusations, noting that the cited wallet has no transactions signed by its fee payer.
- ZachXBT identified the author of the original complaint as a co-founder of ZKasino, a project accused of stealing $30M from investors.
The Solana ecosystem was the setting this week for a controversy involving FOMO, a crypto trading application that closed a Series B round of $75 million led by Index Ventures at a valuation of $550 million.
An X user known as Derivatives_Ape claimed that a recent update to the iOS version of FOMO caused total losses of around $6 million, citing as an example the case of a “friend” who allegedly lost 662 SOL, equivalent to approximately $62,000, upon opening the application.
⚠️ EXPLOIT HAPPENING RIGHT NOW ON THE LATEST @fomo iOS APP ⚠️
6 hours ago FOMO updated its iOS app for "Small bug fixes" and they must have accidentally added something malicious in its new code.
A friend of mine opened his phone around 15 mins ago to place a trade and his… pic.twitter.com/LS7xmhxJhf
— Derivatives Monke (@Derivatives_Ape) August 23, 2026
The platform’s co-founder, Prashan Dharmasena, categorically rejected the accusations. “It’s crazy that people can come into this app and blatantly lie,” he stated, arguing that the wallet mentioned in the complaint shows no transactions signed by FOMO’s fee payer. Dharmasena repeated that defense to at least two additional complainants and described the situation as “paid fud,” meaning disinformation coordinated with financial motivation.
it's crazy that people can just come on this app and blatantly lie.
here is the tx in question: https://t.co/Waef3zpf8U
the "victim" account does not have a single transaction signed by the fomo fee payer:https://t.co/CEAhWIIfED— qrazhan (@qrazhan_ultd) August 23, 2026
FOMO: Credibility of the Accusers
The original complaint comes from Derivatives_Ape, an X account focused on trading commentary on Solana. However, that profile is not the alleged direct victim, but rather the one recounting the experience of a third party. Forensic investigator ZachXBT identified Derivatives_Ape as a co-founder of ZKasino, a project accused of stealing $30 million in investor funds. Although ZachXBT named Elham Nourzai, the account would appear to be controlled by another co-founder of the same project, Ildar Elham.
The transaction involving the 662 SOL does exist and is verifiable on Solscan, a legitimate explorer of the Solana blockchain. The screenshot included in the complaint was authenticated as genuine. What remains in dispute is whether a bug in FOMO’s code caused that movement or whether the transfer was authorized by the wallet’s own holder.
No Verified Victims, No Damage List
The security documentation states that the platform operates under user self-custody and that the application cannot access, move, or freeze funds. That design would make a wallet drain from the server side technically difficult.
The estimate of $6 million in total losses is not accompanied by a breakdown, a list of affected users, or a calculation methodology. Some third parties came to FOMO’s defense, pointing out that several users posted identical texts and that the specific wallet mentioned in the complaint was not created through the application. The platform remains available on the Apple App Store.
