A single on-chain actor appears to have struck two related artificial-intelligence crypto projects within minutes of each other on September 19, 2026, emptying a Fetch.ai conversion contract and inflating NuNet’s token supply in one coordinated burst.
Security firms tracking the wallets say the same cluster first pulled about 8.72 million FET from Fetch.ai’s TokenConversionManagerV3 contract on Ethereum, then received a freshly created batch of roughly 408.5 million NTX from NuNet’s deployer account. Combined, the haul was valued near $2.01 million at the time of the moves.
The FET withdrawal was the larger cash component.
Researchers put that drain at about $1.53 million to $1.56 million, depending on the snapshot used. Minutes later, the NuNet mint added another several hundred thousand dollars in newly issued coins.
The shared destination wallet is what tied the two events together: this did not look like two unrelated bugs firing on the same night, but one operator with access to privileged keys or signing authority across both codebases.
Dollar damage tells only part of the story.
The more disruptive figure sat inside the NTX issuance.
Those 408.5 million tokens represented about 42 percent of NuNet’s circulating supply, a sudden expansion large enough to rewrite the token’s economics in a single transaction.
Markets treated the two assets very differently after that.
FET slipped as traders priced in a converter failure and a loss of confidence around the Artificial Superintelligence cluster. NTX, by contrast, effectively broke.
Reports put the collapse anywhere from about 65 percent to more than 90 percent in the hours after the mint, with one tracker citing a plunge from roughly $0.0013 toward a few cents of a cent as the new coins hit circulation.
Volume jumped, but the extra trading looked like forced selling rather than a bid to stabilize the book.
On-chain follow-through was fast.
After consolidating FET and the minted NTX, the cluster swapped a large share of the proceeds into hundreds of ether—figures cited by PeckShield and Blockaid cluster around 546 ETH, or about $1.44 million—narrowing the trail into a more liquid asset.
That pattern is familiar after exploits: convert first, then move.
The FET side of the incident appears to have used a conversion authorization that the contract accepted without confirming that matching tokens had been locked or burned elsewhere.
The NTX side looks more like compromised minting rights on the deployer.
In both cases, the contracts did what privileged callers asked them to do.
The episode is a reminder that “AI crypto” stacks often share more than branding.
Fetch.ai and NuNet sit in the same broader alliance neighborhood, and privilege that lives in a converter or a deployer can travel farther than a single project’s treasury.
FET’s dip was painful; NTX’s supply shock was existential for short-term holders. Until the teams publish a full post-mortem on key custody and conversion checks, the market’s working assumption is simple: one actor, two doors, and a token whose float jumped by more than two-fifths overnight.