SingularityNET Bridge Exploited, Fetch.ai Pauses AGIX-FET Conversions

Fetch.ai has confirmed that its partner SingularityNET's cross-chain bridge between Ethereum and Cardano was exploited on September 20. The attack targeted AGIX, the native token of SingularityNET, allowing the attacker to mint hundreds of millions of AGIX tokens. Fetch.ai paused AGIX-to-FET conversions as a precautionary measure, citing that its own contracts remain unaffected.

The initial loss was estimated at around $1.5 million to $2 million, but later reports suggested the attacker's address held tens of millions of dollars' worth of value. NuNet's NTX token took a significant hit, plummeting by over 50% within hours.

The incident underscores the security risks associated with cross-chain bridges and has raised concerns about the stability of the ASI Alliance, which includes Fetch.ai, SingularityNET, and Ocean Protocol. The alliance is working on shared Web3 and AI tooling.