Fetch.ai Says AGIX-to-FET Conversions Paused After Exploit

Key Takeaways

• Fetch.ai said on September 20 that AGIX-to-FET conversions were paused until further notice and its Ethereum-side bridge contract was also paused as a precaution.
• ASI Alliance put the unauthorized FET withdrawal at about $1.56 million; a subsequent PeckShield report also identified unauthorized AGIX and WMTx minting.

Details

Fetch.ai said in a September 20 update that AGIX-to-FET conversions were paused until further notice. It also said it had paused its Ethereum-side bridge contract as a precaution, with no indication of a vulnerability in that contract. The statement gave no date for either service to resume.

The team attributed the attack to SingularityNET contracts, principally the bridge between Ethereum and Cardano, and said unauthorized minting had used that route. It said its own contracts were unaffected and FET was operating normally. That is the team's account while its investigation with SingularityNET continues.

In a separate statement that day, ASI Alliance said an unauthorized party had withdrawn about $1.56 million in FET from the converter. The alliance said treasury and exchange wallets, along with FET held in users' own wallets or on exchanges, were unaffected. It said holders did not need to take action and promised a full report after the investigation. Those assurances were the alliance's assessment in that statement.

The reported scope has widened. PeckShield's September 20 update attributed unauthorized minting of 260 million AGIX and 53.838 million WMTx on Ethereum to the same exploiter. The monitor valued the address's holdings at about $16.77 million at its reporting snapshot: 198.3 million AGIX worth about $14.42 million, 649 ETH worth about $1.67 million, and 33.538 million WMTx worth about $627,350. This is a holdings valuation, not a final loss total or cash recovered.

The earlier FET and NuNet transactions remain part of the timeline. Ethereum records show a converter transaction transferring about 8.72 million FET at 20:21:47 UTC on September 19. A second transaction minted about 408.53 million NTX to the same recipient at 20:50:11 UTC, 28 minutes and 24 seconds later.

PeckShield's initial report had valued those FET and NTX movements at roughly $2 million. That earlier estimate covered a narrower set of assets than the subsequent holdings snapshot; the two figures should not be added together.

Market Analysis

The pause restricts the conversion route from AGIX into FET, even as Fetch.ai says FET itself is operating normally. Resuming that conversion service is a separate step from completing the incident investigation. Accounting also differs by asset: the FET transaction removed an existing balance, while the reported NTX, AGIX and WMTx activity created tokens. Reconciliation therefore needs to track both converter reserves and unauthorized issuance, then distinguish tokens still held from proceeds already realized.

Sources

Fetch.ai and ASI Alliance, September 20, 2026; PeckShield, September 19–20; Ethereum transaction records via Blockscout, September 19, checked September 20. Fetch.ai's conversion-pause statement was checked September 21.

Update, September 21: Added Fetch.ai's statement on paused AGIX-to-FET conversions and its Ethereum-side bridge contract. The original publication date and article URL are retained.

Note: This article is for news reporting purposes only and does not constitute investment advice.