FET Token Converter Hit with $1.5M Security Exploit

The Artificial Superintelligence Alliance (FET) token experienced significant volatility due to a security exploit on its Ethereum token converter. The exploit led to a sharp selloff, followed by a partial recovery.

A concrete exploit was reported on the Fetch.ai / Artificial Superintelligence Alliance contract that handled FET conversions on Ethereum. An attacker used a valid authorization signature to call the conversion function on the TokenConversionManagerV3 contract and drain the converter's remaining FET inventory, roughly $1.56 million worth at the time.

The attack was part of a coordinated effort that also hit NuNet (NTX), another SingularityNET / ASI-linked project. The same attacker wallet drained FET from the token converter and received a massive new mint of NTX, with the combined impact around $2.01 million in value.

The exploit created immediate uncertainty about contract security, treasury risk, and cross-project bridge infrastructure, leading to fast selling from short-term holders and risk-averse traders. The market reacted specifically to a credible security failure on FET infrastructure.