The attack on ASI Alliance (formerly Fetch.ai) is what recently shook the market, but it’s important to differentiate right away: the money was stolen from the protocol and the contract, not from ordinary users. Therefore, FET holders in wallets and on exchanges don’t need to do anything.
Here’s a breakdown of the situation by points:
💰 Scale of the losses
· Lost: about $1.56 million in FET tokens (or ~8.72 million coins).
· Indirectly affected: the NuNet (NTX) project and its holders. The attacker gained access to the deposit account and minted 408.5 million NTX, causing the token price to collapse by ~95%.
⚙️ How the hack worked
· Weak spot: the TokenConversionManagerV3 contract on the Ethereum network.
· Core of the vulnerability: the contract accepted a single “approval signature” without checking whether the tokens were actually locked. The attacker forged the approval and withdrew all funds from the contract.
📉 Market reaction and plans
· FET price: sharply dropped from a peak of ~$0.188 to ~$0.1582 (a ~10–17% drop at the time).
· Delayed ASI release: the second phase of the migration to the ASI ticker has been postponed due to delisting issues on exchanges, impact on perps, and loss of price history.
⚖️ What holders should do
All FET that are on exchanges or in your personal wallets (self-custody) are considered unaffected. The ASI team stated that user funds are safe and that no action is needed.
The security situation of contracts in this alliance is now raising questions, given that this is not the first similar incident in their history.
