Se Yong Park, co-founder of the crypto trading app Fomo, has issued a warning: teams are falsely claiming to have established "official partnerships" with Fomo. He stated that unless the information comes directly from Fomo's official channels, Fomo is not involved in any such partnerships. He cautioned users not to be deceived, especially by downloading any apps or browser plugins claiming to be associated with Fomo, calling this a "very common attack method."

There have been several public cases of impersonation attacks against Fomo. In August this year, security researchers disclosed a counterfeit website, fomoo.family, which added an extra letter "o" to the legitimate domain fomo.family. The design of the page is nearly identical to the official website, but it replaces the "download app" button with a "connect wallet" button. When users connect their wallets, they receive a malicious token authorization request disguised as "identity verification"; once approved, the attackers automatically transfer tokens to an address they control.

In September, an iOS app called FomoPeek was reported to distribute malicious code through the Apple App Store. The app claims to be a read-only "whale tracker"; versions 1.1 released on September 9 and 1.2 released on September 12 contained malicious frameworks that loaded upon startup, controlled by remote servers for exploitation and data collection. Investigators identified eight attack methods targeting wallet applications like MetaMask, Trust Wallet, and SafePal. Approximately 579,984 USDT have been traced to the attackers' main address. Version 1.3, released on September 17, removed the malicious components. Currently, there is no evidence that FomoPeek is associated with Fomo, but its name is considered to be an attempt to capitalize on Fomo's popularity.

Fomo has become a target for impersonation due to its rapid growth. Founded by three former dYdX employees, Paul Erlanger, Se Yong Park, and Prashan Dharmasena, Fomo is set to launch in May 2025, focusing on socialized on-chain trading and supporting Solana, Base, BNB Chain, and Monad. The embedded wallet is provided by Privy, and perpetual contract trading is integrated with Hyperliquid. As of June this year, Fomo has accumulated over 625,000 users, processed over $4 billion in trading volume, and adds approximately 3,500 new users daily; an additional 68,000 users have made their first crypto asset purchases through Apple Pay, totaling $25 million.

On the capital side, Fomo received early support from about 140 angel investors, including Solana co-founder Raj Gokal, Polygon Labs CEO Marc Boiron, and former Coinbase CTO Balaji Srinivasan; it completed a $17 million Series A round led by Benchmark in November 2025. In June this year, Fomo completed a $75 million Series B financing led by Index Ventures, with a post-investment valuation of $550 million, with follow-on investments from Union Square Ventures, Zynga co-founder Mark Pincus, Discord CEO Humam Sakhnini, and Eventbrite co-founder Kevin Hartz, totaling approximately $94 million in financing. The company currently has only 17 employees, and Erlanger stated that the goal is to "become the largest trading app in the world."

From a market mechanism perspective, this is a brand defense driven by security risks, not a trading event. The attackers rely on impersonating partnerships, counterfeit domains, and disguised applications to monetize Fomo's brand trust into wallet authorizations, then convert the stolen assets into stablecoins like USDT. Funds flow from gullible retail wallets believing in "official partnerships" to the attackers' addresses. The beneficiaries are on-chain security service providers and app store review systems, as well as those using embedded wallets that do not require users to connect external wallets: the legitimate Fomo guides users to download the app instead of connecting wallets, and this product design itself serves as a defense line. The pressured parties are on-chain applications that rely on external wallet connections and authorizations, as well as the App Store distribution system that allows malicious applications to pass review.

Source: Public information