Security researchers have tied the same attacker to exploits affecting both Fetch.ai (FET) and NuNet (NTX), with approximately $2 million in combined losses across both protocols.
According to Blockaid, an exploiter drained roughly $1.56 million worth of FET from a Fetch.ai token converter on Ethereum on September 20. The attacker used a valid conversion-authorizer signature to call the conversionIn function on TokenConversionManagerV3, which released the converter's remaining inventory in a single transaction. Security researchers identified the exploiter wallet as 0x1572…c362.
The same wallet also received a large NTX mint from the NuNet deployer account, valued at approximately $452,000, bringing the combined activity to around $2.01 million. According to PeckShieldAlert, the exploiter subsequently swapped the stolen funds for 546.36 ETH, worth roughly $1.44 million at the time of reporting.
NTX Token Plunges Following Exploit
NuNet's NTX token experienced significant losses following the exploit. The token reached an all-time low of $0.000328 on September 20 and traded near $0.0004 at press time, representing a decline of more than 70% over 24 hours.
FET declined approximately 5% over the same period, a considerably smaller move than NuNet's token. The broader cryptocurrency market also experienced selling pressure, with most major assets declining and total crypto market capitalization down 4%.
Mounting Losses in September
The exploits add to significant losses the sector has experienced in September. Before the Fetch.ai drain, DefiLlama had recorded approximately $331 million in losses across 17 incidents, including a $320 million loss from the Liquid Network incident. Starknet lending protocol Nostra lost $3.5 million to a manipulated oracle earlier in the month. The Fetch.ai and NuNet exploits push September's total losses past $333 million.
