FET Plunges 7.12% Amid Reported Exploit and AI-Sector Selloff

FET, the token of Artificial Superintelligence Alliance, dropped by 7.12% over the last ~25 hours due to a reported exploit of its token converter and a sharp selloff triggered by the incident.

The initial move was driven by an AI-sector pump that lifted FET roughly 18%, pushing price back into a known resistance area at around $0.184. However, this was short-lived as reports of the exploit draining about 8.7 million FET and minting hundreds of millions of NTX tokens led to a rapid drop of about 10%.

The exploit, which is estimated to have exposed approximately $2M in value, damaged confidence and introduced protocol-level risk, prompting emergency treasury or liquidity actions that contributed to the sharp selloff. Technical analysts noted that FET had been struggling at this resistance area, making it more likely for traders to exit rather than hold through uncertainty.