When @FlamingoFinance launched in 2020, it hit a TVL of nearly $1.6 billion. On August 29, the remaining $500,000 was mostly drained. It's now been 3 days. Nothing publicly from @Neo_Blockchain. No warnings. No acknowledgment. No plan forward. Nothing. No one has said a word outside a few Discord messages. How did it happen? A user (maybe random, maybe not, who knows?) figured out how to mint trillions of $FLM and drain the platform's LPs. They minted approximately 2.19 TRILLION FLM, using an attack vector between Flamingo's lending and staking contracts. Then swapped it for nearly everything of value. According to the Flamingo Discord server, only about 11k $bNEO and some $FUSD were left behind. That bNEO was left behind because the on-chain OrderBook contract made it technically impossible to imbalance the pools so drastically. And the FUSD? Well, the Flamingo team doesn't know why that was left behind, either. The bigger problem? Earlier this year, the Flamingo Finance maintainers publicly released a letter alleging that Neo Global Development and Neo Foundation failed to deliver promised assets and operational support. For years, the team has publicly called for changes to the Neo code to lower transaction costs. (Worth noting: the Flamingo Finance maintainers do not hold the keys to their own smart contracts, and that contract-upgrade authority rests with NGD and NF.) More recently, the Flamingo team asked for help in resolving: > widespread CEX delistings, > bridge issues from dependency problems, and worse, > disbursements they expected to receive from NGD and NF that never arrived. Those calls fell on deaf ears. Now what? The Neo Council has voted to freeze the attackers wallet. The address is: NcNCXJf2H8GSHp8MYSgJRCjRvPjznasZMy. At this point, I'm not certain how much of the stolen funds have been liquidated or moved out of the Neo ecosystem. Neo is currently embroiled in a battle between the two co-founders who are fighting over a $400 million treasury (as of Q1 2026). Flamingo was the largest activity-driving platform in the ecosystem. Now Neo doesn't even have that.