Fetch.ai Reports Token Conversion Contract Attack, Investigation Launched

Fetch.ai (FET) has acknowledged reports of an attack on its Ethereum-based token conversion contract and has begun an investigation. Binance News cited blockchain security firm Blockaid's monitoring, stating that Fetch.ai's TokenConversionManagerV3 contract was involved in the incident. Approximately $1.56 million (about 21.6 billion KRW) worth of FET tokens were drained, while the same attacker wallet received around $452,000 (about 63 billion KRW) worth of NTX tokens from NuNet's distributor account. The total loss is estimated at approximately $2.01 million (about 27.9 billion KRW). Blockaid revealed that the attacker exploited a valid conversion approval signature in the TokenConversionManagerV3 contract to withdraw FET tokens remaining in the contract. Fetch.ai has not yet disclosed the results of its investigation or any additional measures taken.