An unknown attacker compromised the AI-focused crypto projects Fetch.ai and NuNet, siphoning off assets worth approximately $2.01 million. Analysts from the blockchain firm PeckShield reported the attack.

The same crypto wallet was used in both attacks. The first target was Fetch.ai. The attacker utilized a valid authorization signature to call the conversionIn function—a smart contract mechanism responsible for issuing tokens during conversion. Consequently, the unknown actor withdrew the project's entire available supply of native tokens: 8.7 million FET, valued at approximately $1.53 million.

The hacker then turned their attention to NuNet. They managed to gain control of the project's administrator account. Using these privileges, the attacker initiated the unauthorized issuance of 408.5 million native NTX tokens—worth around $463,000—and transferred them to their own wallet.

Following this, the attacker quickly swapped the acquired assets via decentralized exchanges to avoid having them blocked by the project teams. PeckShield specialists reported that nearly the entire volume was converted into 546.36 Ether, with a total value of approximately $1.44 million.

Fetch.ai is a network for autonomous AI agents capable of independently discovering services, interacting with one another, and executing transactions. NuNet is a decentralized computing network that aims to aggregate idle CPU/GPU and other computing resources, rewarding their owners in the process.

Previously, blockchain researcher Specter and PeckShield analysts reported that unknown actors had withdrawn approximately $1.7 million in cryptocurrency from an escrow contract linked to the Notional Finance project.