Crypto Trading Platform FOMO Denies Hack of Its iOS App

A crypto trader claimed yesterday that an update to the FOMO app caused $6 million in crypto losses.

In a social media post, the trader cited an example of someone allegedly losing 662 $SOL, worth about $62,000, after opening the iOS app called FOMO.

FOMO co-founder Prashan Dharmasena rejected the claim, saying, “It’s crazy that people can just come on this app and blatantly lie,” and adding that the account in question has no transaction signed by FOMO’s fee payer.

Dharmasena repeated that defense in response to at least two other accusers.

The original accusation came from Derivatives_Ape, an X account centered on Solana trading commentary, but that account is not the alleged victim. Instead, the post says a “friend” suffered the loss.

According to forensic researcher ZachXBT, Derivatives_Ape is a co-founder of Zkasino who “stole $30 million of investor funds.” ZachXBT identified the account as Zkasino co-founder Elham Nourzai, although the handle appeared to be controlled by another Zkasino co-founder, Ildar Elham.

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The transaction exists, but who caused it?

The transaction cited in the original allegation is real.

Although the screenshot appears truncated, the image in the allegation is authentic from solscan.io, a legitimate block explorer for Solana’s blockchain. The transaction moved 662 $SOL out of the cited wallet 14 minutes before the allegation was posted on social media.

That detail matters because it confirms there was on-chain movement, but not whether FOMO’s app or any app update was responsible for it.

Dharmasena, however, disputes whether any bug in the FOMO app caused that movement, and whether the transfer was unauthorized.

FOMO closed a $17 million Series A led by Benchmark in September 2025. Chetan Puttagunta of Benchmark took a board seat.

The company also raised a $75 million Series B led by Index Ventures, valuing the company at $550 million, with Union Square Ventures also participating. Balaji Srinivasan and Solana co-founder Raj Gokal are investors.

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FOMO app denies responsibility

Derivatives_Ape wrote that FOMO “must have accidentally added something malicious in its new code” and that a friend “could literally watch the funds moving on-chain, but on the FOMO app it still showed as if his balance was there.”

The same post puts total damage at $6 million so far, limited to iOS. No breakdown, victim list, or methodology was provided with that estimate.

FOMO’s own security documentation states, “FOMO cannot access, move, or freeze your funds.” If that self-custodial design is accurate, a server-side drain of funds would be difficult.

Dharmasena says the wallet named in the complaint never signed a transaction through FOMO’s own fee payer. That would exonerate FOMO in his view, although it is narrower than saying the wallet never used the FOMO app at all.

FOMO has an obvious incentive to deny an exploit. An active drain would threaten a company that has raised roughly $94 million in disclosed funding.

Derivatives_Ape may also have its own incentive issues. Dharmasena’s repeated “paid fud” framing suggests coordinated, financially motivated disinformation.

A third-party account also defended FOMO, saying, “There’s a few other users posting the same text, probably paid by competitors” and that the specific wallet named was “not created through @fomo” at all.

As of writing, the FOMO iOS app remains live in Apple’s App Store.