- The same hacker behind the Fetch.ai and NuNet exploits illegally minted 260 million AGIX on SingularityNET.
- The event wiped $93 million in AGIX’s market cap as traders and investors dumped the asset.
Another chain was hit by a massive exploit that drained millions of dollars in crypto assets. On Sunday, SingularityNET (AGIX), a blockchain-powered platform that lets anyone easily create, share, and monetize artificial intelligence (AI) services, suffered a major attack that crashed its native token’s value.
SingularityNET’s AGIX Crashes Over 99% in 24 Hours
Past midnight (UTC), a long red candle on AGIX appeared, indicating sellers taking over its market. In barely an hour, the token fell from $0.0775 to $0.0006841 per unit, showing more than a 99% collapse in its valuation in just a day.
Additionally, the event wiped roughly $93 million from AGIX’s market cap, based on its 1.21 billion circulating supply. This further increases the gap from its all-time high of $3.46 per token in December 2024 and initial coin offering (ICO) price of $0.10 per token.
The $16.77M SingularityNET Exploit
The cause was a major network exploit that allowed the attacker to mint 260 million AGIX and 53.838 million World Mobile Token (WMTX). PeckShieldAlert found that the perpetrator was also responsible for the Fetch.ai (FET) and NuNet (NTX) attacks.
At the time of the report, the cybersecurity team revealed that the hacker held $16.77 million in crypto assets. However, the fallout has reduced it to 198.3 million AGIX, now worth about $135K; 649 Ethereum (ETH), worth around $1.7 million; and 33.538 million WMTX, worth $607K.
World Mobile Chain’s Findings
World Mobile Chain, a purpose-built Layer 3 chain designed specifically for telecommunications and Decentralized Physical Infrastructure Networks (DePINs), confirmed the hack on the SingularityNET bridge, which led to significant losses.
Nonetheless, the team behind it has immediately notified exchanges and other affected third-party platforms to freeze all deposits linked to the exploit. Moreover, it assured users that it has coordinated the incident with security partners to revoke all minting authorities.
Furthermore, the World Mobile Chain group highlighted that it is continuously monitoring the situation closely. It has committed to sharing verified updates to the public.
Meanwhile, the team reminded the crypto community that bad actors can still milk the unfortunate event. Hence, it advised them not to engage with unsolicited DMs or emails from “support” accounts, recovery services, claim portals, or token migration links. It said its account on X, “@wmchain,” is the only official source for updates on the matter.
