Two crypto projects lose $2M in attack

• An attacker has drained 8.72 million FET and minted 408.5 million NTX across two crypto projects.
• The combined losses have reached about $2.01 million, with the newly created NTX equal to 42% of its supply.
• The attacker has converted much of the proceeds into Ethereum (CRYPTO:ETH), while the source of the compromised keys remains unknown.

An attacker has drained 8.72 million FET from Fetch.ai (CRYPTO:FET) and minted 408.5 million NTX at NuNet (CRYPTO:NTX).

The two incidents have occurred within the same minute, with the stolen assets valued at about $2.01 million combined.

Fetch.ai’s TokenConversionManagerV3 accepted a valid authorisation signature that allowed the attacker to transfer its remaining FET.

The attacker has also created about 408.5 million NTX, equal to roughly 42% of the token’s total supply.

NTX has fallen more than 70% from about $0.0013, while FET has declined roughly 5% to 8% across several market feeds.

Blockchain security firms PeckShield and Blockaid have linked the two incidents to the same wallet cluster, while Fetch.ai has traced the FET signing credential to a backend key used by SingularityNET’s cross-chain bridge.

The attacker has converted proceeds into about 546.36 ETH worth $1.44 million, while Fetch.ai says treasury funds, exchange wallets and user-held FET have not been affected.

The investigation has identified the compromised signing and minting credentials, but the source of those credentials has not been established publicly.