Fetch.ai and NuNet were both hit in an incident that security researchers linked to the same attacker wallet, with total losses of roughly $2 million. Preliminary findings from Fetch.ai indicate the breach involved compromised signing credentials rather than a failure of the underlying token contracts themselves.

The event affected the two projects in different ways. In Fetch.ai’s case, FET was drained from conversion infrastructure, while at NuNet a large amount of NTX was minted without authorization, sharply increasing supply and triggering a far steeper market reaction in that token.

One wallet linked to both attacks

Blockchain security firms said the same wallet was involved in both the FET drain and the NTX mint. PeckShield reported that 8.7 million FET, worth about $1.53 million, was siphoned off, while 408.5 million NTX worth roughly $462,730 was minted without authorization.

Blockaid gave a similar running estimate during the incident, saying around $1.56 million in FET had been removed from a converter and about $452,000 in newly minted NTX had been received. That put the value associated with the wallet cluster at about $2.01 million, and a later update connected the NTX mint to the same receiving address.

How the Fetch.ai side was exposed

The reported point of failure was privileged access. According to the preliminary analysis, the attacker gained access through compromised signing credentials tied to Fetch.ai infrastructure.

The affected TokenConversionManagerV3 setup relied on a single externally owned account using an ECDSA signature to authorize the conversionIn() function. The source article said the system did not include a checkLimits control and did not verify burn or lock proofs on-chain. Once the authorizer key was compromised, the FET balance could be drained immediately.

NuNet mint raised separate supply concerns

The NuNet side of the incident appears to have involved its minting authority, with the article stating that NuNet’s minting key may also have been compromised. Unlike the FET drain, this attack created new tokens rather than removing existing ones from a pool.

That distinction helps explain the different token responses. The source article said FET did not suffer the same severe market impact, while NTX fell around 95% in 24 hours. CoinMarketCap data cited in the report showed NTX trading near $0.000066 after touching an all-time low of $0.00004075 on September 20, 2026.

Project response and confirmed next step

Fetch.ai said it worked with SingularityNET to deactivate affected wallets and contracts after the incident was identified. In a later update, the project added that no Fetch.ai contracts were at risk.

As a precaution, AGIX-to-FET conversions were paused. Based on the information provided so far, the clearest confirmed next step is continued containment around the conversion process while the projects assess the compromised credentials and the scope of the incident across connected infrastructure.

Source: Cryptopolitan