Attacker Drains $2M from Fetch.ai and NuNet; NTX Plunges to Record Low

A single attacker has been connected to incidents at Fetch.ai (FET) and NuNet (NTX), involving approximately $2 million in digital assets.

Both breaches were linked by security companies to one wallet. NuNet's NTX token fell by over 70% and reached a record low on September 20.

How a Single Attacker Hit Both Protocols

On September 20, Blockaid reported that an exploiter had siphoned roughly $1.56 million in FET from a Fetch.ai token converter on Ethereum. According to the firm, the attacker employed a legitimate conversion-authorizer signature to invoke the conversionIn function on TokenConversionManagerV3.

That one function call freed the converter's entire remaining FET supply. Blockaid tagged the wallet of the exploiter as 0x1572…c362.

🚨SlowMist TI Alert🚨
💸 @Fetch_ai Loss: ~$2M

🔍 Root Cause: TokenConversionManagerV3's conversionIn() leaves single-EOA ECDSA signature as the sole authorization check. It lacks the checkLimits(amount) modifier present in conversionOut(), and does not verify any on-chain…

— SlowMist (@SlowMist_Team) September 20, 2026

Blockaid noted that the same wallet that received the Fetch.ai funds also got a substantial NTX mint from the NuNet deployer address. The firm valued the NTX mint at approximately $452,000.

Total activity across the wallet group has now reached about $2.01 million. PeckShieldAlert further stated that the exploiter had exchanged the stolen assets for 546.36 ETH, worth around $1.44 million at the time of writing.

NuNet Token Plunges to a Record Low

The disclosed exploit has weighed heavily on NuNet's NTX token. It touched an all-time low of $0.000328 on the same day. At the time of writing, NTX was trading around $0.0004, a decline of over 70% in 24 hours.

FET dropped roughly 5% in the same timeframe, a much milder loss compared to NuNet's plunge. This happened amid a broader market downturn, as most major cryptocurrencies were in the red and the total crypto market cap fell 4%.

September has proved costly for the crypto sector. Three days earlier, the Starknet lending protocol Nostra had lost $3.5 million due to an oracle manipulation.

Before the Fetch.ai incident, DefiLlama had recorded about $331 million in losses from 17 events this month, the bulk coming from the $320 million Liquid Network case. With Fetch.ai and NuNet added, the monthly total now exceeds $333 million.

BeInCrypto has contacted Fetch.ai and NuNet for comment.