Simultaneous Crypto Attacks Lead to $2 Million Loss
- Fetch.ai lost approximately $1.55 million in FET tokens due to a compromised signing key.
- An attacker minted about 408.5 million new NTX tokens, representing roughly 42% of the supply, valued between $452,000 and $463,000.
- The attacks were traced back to the same wallet cluster by Peckshield and Blockaid.
- The attacker converted stolen assets into approximately ETH, totaling around $1.44 million.
- Fetch.ai’s investigation linked the breach to a backend signing key used by SingularityNET’s cross-chain bridge.
The simultaneous attacks on Fetch.ai and NTX highlight vulnerabilities in cryptographic key management across connected infrastructures. The stolen FET tokens impacted its market value slightly, while the minting of new NTX tokens severely affected its price due to oversupply concerns.
This incident underscores the importance of securing signing keys within decentralized systems, as seen in the significant financial losses incurred by both projects.(Source)
