Fetch.ai, a founding member of the Artificial Superintelligence Alliance, confirmed on September 20 that the SingularityNET bridge between the Ethereum and Cardano networks had been exploited. In a post on its official X account, the company said the incident was first reported a day earlier and stressed that its own contracts were unaffected. The disclosure arrived as Fetch.ai paused AGIX-to-FET conversions, freezing one of the main routes users take to swap between the two tokens.
The Bridge Was the Target
The attack struck the SingularityNET bridge, infrastructure that lets holders move AGIX, SingularityNET‘s native token, across chains. Fetch.ai was explicit that the problem sits with SingularityNET rather than its own code, writing that “the attack is targeting SingularityNET” while FET “continues to operate normally.” Security trackers placed the initial loss at roughly $1.5 million to $2 million, drawn from the bridge and from NuNet’s NTX token, which slid sharply once the breach became public.
Conversions Paused as a Precaution
Fetch.ai said it halted AGIX-to-FET conversions while the SingularityNET team investigates. The move matters because the conversion contract is the junction between the two ecosystems, and leaving it open risked letting the attacker keep draining value before the root cause was fixed. Fetch.ai framed the response as precautionary, repeating that no Fetch.ai contract is “under threat at this time.”
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A Widening Fallout
On-chain analysts tracking the incident have since reported a widening impact. Early estimates put the loss near $2 million, but later figures suggested the attacker had minted hundreds of millions of AGIX and other tokens, pushing the value held by the attacker‘s address into the tens of millions of dollars. NuNet’s NTX token absorbed some of the heaviest damage, dropping by more than half within hours. Neither Fetch.ai nor SingularityNET has published a final accounting of the total value affected.
Another Test for the ASI Alliance
The breach lands as the ASI Alliance, the merger of Fetch.ai, SingularityNET and Ocean Protocol, pushes ahead with its shared Web3 and AI tooling. It is the latest security scare for the AI-crypto sector, which has expanded quickly while still leaning on cross-chain bridges that attackers have repeatedly targeted.
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