Fetch.ai and NuNet Exploited for $2 Million by Same Attacker, NTX Hits All-Time Low

Security researchers have linked a single attacker to two separate exploits affecting the Fetch.ai (FET) token converter on Ethereum and the NuNet (NTX) protocol. The combined value of the stolen assets is estimated at around $2 million.

Fetch.ai Token Converter Exploit

Blockaid reported that on September 20 the attacker drained approximately $1.56 million worth of FET from a Fetch.ai token converter. The exploit used a valid conversion‑authorizer signature to call the conversionIn function of TokenConversionManagerV3, which released the remaining FET inventory. The wallet identified as the source of the theft is 0x1572…c362.

NuNet (NTX) Mint and Market Impact

Analysis by Blockaid shows that the same wallet later received a large NTX mint from the NuNet deployer account, valued at roughly $452 000. After the exploit, the NTX token fell more than 70% in 24 hours, reaching an all‑time low of $0.000328 on September 20. At the time of reporting, NTX was trading near $0.0004.

Fund Movement

PeckShield observed that the attacker swapped the stolen assets for 546.36 ETH, worth about $1.44 million at the time of the report.

Broader Market Context

During the same period, FET price declined about 5%, while the overall crypto market saw a 4% drop in total market capitalization. September has seen multiple high‑value incidents, including a $3.5 million loss at Starknet’s Nostra protocol and over $331 million in losses across 17 DeFi incidents, pushing the month’s total losses past $333 million.