It’s been a busy weekend for one black hat who stole hundreds of millions of tokens from Fetch.ai, NuNet and SingularityNET, netting around $2.25 million of realized profits.
According to a report from Bitquery, however, the nominal value of the tokens minted was several times higher at the time of the theft. Indeed, blockchain security auditor Peckshield, which flagged the third incident, put the attacker’s unrealized profits at almost $17 million.
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Two of the three projects, all of which are part of the “Artificial Superintelligence Alliance” ecosystem, were hit almost simultaneously.
The hacker first drained 8.7 million FET tokens from Fetch.ai’s bridge and minted 400 million of NuNet’s NTX token.
The SingularityNET bridge was exploited hours later, with 900 million of its own AGIX token, and 500 million each of World Mobile Chain’s WMTx and Cogito’s CGV minted out of thin air.
The sale of Fetch.ai’s FET tokens for 523 ETH (approximately $1.2 million) generated the lion’s share of the attacker’s gains, with subsequent sales returning just 183 ETH ($420,000) between the four remaining tokens.
The half billion CGV tokens returned just $30 due to extremely thin liquidity.
With considerable portions of their supply made up of freshly minted counterfeit tokens, the prices of minted assets have collapsed.
Conversely, the sale of the (genuine) FET tokens resulted in a 5% drop.
Bitquery also highlighted a preliminary sweep of ETH and BNB from 16 wallets, four of which it had previously labelled as “SingularityNET or NuNet staff wallets,” indicating widespread penetration of the interconnected companies’ infrastructure.
In addition, $289,575 in USDC was later drained from a payroll contract.
The report warns that the majority of the signing keys have not been changed.
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