Fetch.ai and SingularityNET hit by coordinated crypto exploits

cryptocurrency exploit AI crypto smart contract hack token minting blockchain security

A series of coordinated exploits has targeted several AI-focused cryptocurrency projects, including Fetch.ai, NuNet, and SingularityNET. Security firms PeckShield and Blockaid identified a single attacker responsible for the breaches, which involved both the theft of existing assets and the unauthorized minting of new tokens.

In the Fetch.ai exploit, an attacker used compromised signing credentials to drain approximately 8.7 million FET tokens from a converter contract. This was followed by an attack on NuNet, where the same actor minted roughly 408.5 million NTX tokens, representing about 42% of the total supply. The SingularityNET bridge was also compromised, allowing the attacker to illegally mint 260 million AGIX tokens and 53.8 million WMTX tokens.

The financial impact has been severe. The SingularityNET AGIX token experienced a price collapse of over 99% within 24 hours, wiping approximately $93 million from its market capitalization. NuNet’s NTX token also saw a significant decline of over 65%. While Fetch.ai stated its own contracts remained unaffected, the company paused AGIX-to-FET conversions as a precautionary measure during the investigation. The attacker is reported to hold tens of millions of dollars in various crypto assets following the incident.

Entities

Blockaid · Fetch.ai · NuNet · PeckShield · SingularityNET

Claims

What the coverage asserts, and how many sources carry each claim.

[● 6 SOURCES] Approximately 8.7 million FET tokens were removed from the Fetch.ai converter. www.kriptoworld.hu · en.bitcoinsistemi.com · www.cryptopolitan.com · news.bitcoin.com · coinpedia.org
[○ 1 SOURCE] Fetch.ai paused AGIX-to-FET conversions as a precaution following the SingularityNET bridge exploit. blockchainreporter.net
[● 6 SOURCES] The attacker minted approximately 408.5 million NTX tokens through NuNet’s deployer account. www.kriptoworld.hu · en.bitcoinsistemi.com · www.cryptopolitan.com · news.bitcoin.com · coinpedia.org
[○ 1 SOURCE] The attacker used a valid-looking conversion authorization to call the Fetch.ai TokenConversionManagerV3 contract. www.kriptoworld.hu
[● 2 SOURCES] An attacker is linked to a series of attacks targeting Fetch.ai, NuNet, and SingularityNET. en.bitcoinsistemi.com
[● 3 SOURCES] The attacker minted 260 million AGIX tokens on the SingularityNET bridge. blockzeit.com · en.bitcoinsistemi.com
[○ 1 SOURCE] Fetch.ai stated that its own contracts were unaffected by the SingularityNET bridge exploit. blockchainreporter.net
[● 3 SOURCES] The SingularityNET AGIX token value dropped by more than 99% within 24 hours. blockzeit.com · en.bitcoinsistemi.com