An attacker has obtained approximately $2 million from infrastructure connected to Fetch.ai and NuNet. Security firms linked both attacks to the same attacker wallet, with preliminary analysis indicating the attacker used compromised signing credentials to access critical systems.
According to PeckShield, the attacker siphoned 8.7 million FET tokens valued at approximately $1.53 million and unauthorizedly minted 408.5 million NTX tokens worth around $462,730. Blockaid separately observed about $1.56 million in FET removed from a converter and approximately $452,000 in newly minted NTX, bringing the total value of the wallet cluster to about $2.01 million during the attack.
Vulnerability in Key Authorization
Analysis by SlowMist revealed that Fetch.ai's TokenConversionManagerV3 relied on only a single ECDSA signature from an externally owned account to authorize the conversion function. The function lacked a checkLimits control mechanism and did not verify burn or lock proofs on-chain. Once the authorizer key was compromised, a legitimate signature alone was sufficient to drain the converter's FET balance.
Fetch.ai stated it worked with SingularityNET to deactivate affected wallets and contracts. The company later confirmed no Fetch.ai contracts remained at risk and paused AGIX-to-FET conversions as a precaution.
Divergent Token Market Reactions
The two tokens responded differently to the attacks. The FET hack removed previously issued tokens, while the NTX hack generated hundreds of millions of unauthorized tokens, compromising supply integrity. According to CoinMarketCap, NTX traded around $0.000066, down nearly 95% within 24 hours after reaching an all-time low of $0.00004075. FET did not experience comparable selling pressure.
Broader Industry Pattern
TRM Labs recorded 207 hacks and $972 million in losses during the first half of 2026, with infrastructure and operational compromises accounting for only about 15% of incidents but roughly 76% of stolen funds. CoinGecko's 2026 security report documented similar trends, with infrastructure and supply-chain breaches causing more than $1.8 billion in losses between January 2025 and July 2026.
Fetch.ai stated that its investigation remains ongoing.
