TLDR:
- Fetch.ai says its contracts remain unaffected while the exploit targets SingularityNET bridge infrastructure.
- An unauthorized party withdrew about $1.56 million in FET from the converter, according to the alliance.
- AGIX-to-FET conversions remain paused while teams review the bridge and related migration contracts.
- FET trades near $0.1773, while chart support sits at $0.1697 and major resistance stands near $0.1905.
Artificial Superintelligence Alliance token FET traded at $0.1773 after falling 1.53% over the previous 24 hours. The decline followed reports of a bridge exploit linked to the FET migration system. However, Fetch.ai said its own contracts were not affected by the incident and continued to operate normally across its network.
The reported attack targeted SingularityNET contracts, mainly the bridge connecting Ethereum and Cardano. Fetch.ai said unauthorized minting occurred through that route during the incident. After the announcement, the Artificial Superintelligence Alliance reported an unauthorized withdrawal worth about $1.56 million in FET, saying the funds came from the converter connected to the migration system.
The alliance said treasury and exchange wallets were not affected by the breach and noted FET held in private wallets or exchanges remained unaffected. Holders were told that no action was required at the time, with the FET price not reacting so much to the exploit.
Fetch.ai Halts AGIX-to-FET Conversions Following Bridge Exploit
Fetch.ai paused AGIX to FET conversions while investigators reviewed the affected bridge infrastructure. The company also paused its Ethereum-side bridge contract as a precaution. It said there was no indication that this contract contained the exploited weakness. Both services are expected to return after further security checks. Bridge services play a separate role from normal token transfers on the Fetch.ai network.
Their temporary suspension limits conversion activity while teams review the affected contracts and transaction history. Normal FET trading remains available. The company said the exploit had been contained, while the investigation remained active. Fetch.ai is working with the SingularityNET team and external security partners.
The teams have not yet published a full technical report on the breach. Further verified updates are expected after investigators complete their review. The event centers on migration infrastructure used by members of the Artificial Superintelligence Alliance. Earlier migration plans combined AGIX and OCEAN into FET under the alliance structure.
That system allowed users to convert supported tokens as the projects moved toward a shared token framework. The latest pause affects AGIX-to-FET conversions rather than normal FET network operations. Fetch.ai said no Fetch.ai contract was under threat when it published its update. The distinction matters because the reported breach involved connected bridge infrastructure, not the core Fetch.ai contracts.
FET Price Defends Key Fibonacci Support After Bridge Exploit
FET remained under selling pressure after the security news entered the market. According to a crypto analyst, the chart showed FET holding near the 50% Fibonacci retracement at $0.1697. That level remains an important short-term support area for the token. Immediate resistance sits near $0.1741, followed by the $0.1795 Fibonacci level. FET would need stronger buying pressure to hold above those levels.
Source: X
The chart also showed recent higher lows and higher highs from the August bottom near $0.12. This structure remains intact while FET stays above its recent higher-low region. The next major resistance sits near $0.1883 and $0.1905. A daily close above $0.1905 would confirm a stronger breakout from the current range.
According to the analyst, the downside support sits near $0.1653 and $0.1604 if selling pressure increases. The more important structural support remains around $0.1512 on the chart. A move below that area would break the recent higher-low pattern.
The post FET Price Tanks After SingularityNET Bridge Exploit Triggers Conversion Pause appeared first on Blockonomi.
