Crypto trading platform FOMO has rejected claims that an update to its iOS application caused millions of dollars in cryptocurrency losses. The denial follows a social media post alleging that a user lost 662 Solana (SOL)—valued at approximately $62,000—after opening the app, with total estimated damages reaching $6 million.
FOMO co-founder Prashan Dharmasena strongly disputed the accusations, stating that the claims are false and that the account in question lacks any transaction signed by FOMO's fee payer. Dharmasena characterized the allegations as coordinated disinformation, while a third-party account similarly suggested the posts may be paid messaging from competitors and noted that the cited wallet was not created through FOMO.
The initial accusation originated from the X account Derivatives_Ape, which cited a friend as the alleged victim rather than posting as the victim directly. Forensic researcher ZachXBT subsequently identified the account operator as a co-founder of Zkasino.
While blockchain data confirms that a real transaction transferring 662 SOL occurred from the cited wallet shortly before the social media post, FOMO contests whether any app bug caused the movement or whether the transfer was unauthorized. FOMO's security documentation states that the platform is self-custodial and cannot access, move, or freeze user funds.
FOMO has previously raised substantial venture capital, including a $17 million Series A led by Benchmark and a $75 million Series B led by Index Ventures with participation from Union Square Ventures, alongside individual investors such as Balaji Srinivasan and Solana co-founder Raj Gokal. As of writing, the FOMO iOS app remains live in Apple's App Store.
