Fetch.ai has paused AGIX-to-FET conversions and its Ethereum-side bridge as a precaution after a reported exploit involving SingularityNET infrastructure. The services will remain unavailable until safety checks and an investigation are complete, according to a Crypto Economy report published September 21.
While the incident is reviewed, users cannot use the suspended conversion route to exchange AGIX for FET, and the Ethereum-side bridge is offline. Fetch.ai said a day earlier that its own contracts had not been affected and that FET continued to operate normally.
Fetch.ai pauses conversions and bridge
Fetch.ai paused AGIX-to-FET conversions and its Ethereum-side bridge following an incident centered on infrastructure associated with SingularityNET, a network connected through the token-conversion process. Normal FET operations continued.
No reopening date has been provided; the services will remain paused until safety checks and the investigation are complete.
SingularityNET’s Ethereum-Cardano bridge was the reported target
According to CoinDesk’s September 21 report, the reported exploit involved SingularityNET’s Ethereum-Cardano bridge and unauthorized token minting. Fetch.ai characterized the attack as targeting SingularityNET infrastructure rather than its core contracts. In a September 20 statement, Fetch.ai said its contracts were not affected, FET continued to operate normally, and its core FET infrastructure remained secure; it halted AGIX-to-FET conversion and bridge functions as precautionary measures.
Reported FET withdrawals from conversion contract
Blockaid-linked analysis cited by DefiEdge estimated that roughly 8.7 million FET, valued at about $1.56 million at the time, was withdrawn from Fetch.ai’s TokenConversionManagerV3 contract.
The figure is an analyst estimate rather than a loss total confirmed by Fetch.ai. It nonetheless identifies the conversion contract as a focus of the reported activity and helps explain why access to the AGIX-to-FET pathway was suspended pending the review.
