NuNet NTX Falls More Than 70% After Unauthorized Token Mint

NuNet’s NTX token lost more than 70% of its value after the unauthorized mint on September 19, 2026. The decline followed the sudden creation of hundreds of millions of tokens, not an announcement that NuNet had ended development or shut down its decentralized compute network.

Blockaid and PeckShield connected the NuNet transaction with an earlier withdrawal from a Fetch.ai conversion contract. Approximately $2 million in combined assets was involved across the two incidents.

Fetch.ai and NuNet Transactions Lead to the Same Wallet

The attacker first removed approximately 8.7 million FET, valued at around $1.5 million at the time, from Fetch.ai’s TokenConversionManagerV3 contract on Ethereum.

According to Blockaid, the transaction used a valid conversion-authorizer signature to call the contract’s conversionIn function and release its remaining token inventory. How that authorization was obtained has not been publicly established.

The receiving wallet was subsequently connected to approximately 408.5 million newly minted NuNet tokens originating from the project’s deployer account. The tokens were valued at around $460,000 when the activity was identified.

PeckShield later reported that part of the proceeds had been converted into approximately 546.36 ETH, worth around $1.44 million at the time. The common receiving wallet provides the public on-chain link between the Fetch.ai withdrawal and the NuNet mint, although neither project had published a complete technical explanation at the time of writing.

The unauthorized tokens were equivalent to approximately 40.85% of NuNet’s stated maximum supply of one billion tokens. Market data recorded a decline of more than 70%, while the Cardano trading pair on DexHunter produced its largest downward movement around September 19.

NuNet’s Cardano Compute Network Remains Operational

NuNet is a decentralized compute orchestration protocol developed from research incubated within the SingularityNET ecosystem. It connects GPUs, CPUs, edge devices, laptops and data center infrastructure through a peer-to-peer compute network.

Instead of requiring users to browse a conventional hardware marketplace and select individual machines, workloads describe their technical requirements. The protocol then matches them with available resources according to factors such as hardware type, location, latency and cost.

NuNet launched its Network Live environment on March 2, 2026. Its official website continued to display the network as operational on September 20, while its documentation and public infrastructure remained available.

The token provides access to the network, supports commitments from compute providers, settles payments between providers and users, and covers protocol fees for workload orchestration. NuNet supports settlement across Ethereum and Cardano through a multichain model with one-to-one token conversion.

Security reports place the unauthorized mint on the Ethereum side and identify NuNet’s deployer account as its origin. They do not identify an exploit of the Cardano blockchain or the Cardano-native minting policy. The price shock still reached Cardano markets because traders and liquidity providers treat the two versions as representations of the same economic asset.

Unauthorized Mint Leaves NuNet Supply Questions Unresolved

NuNet describes its total token supply as fixed at one billion and states that no additional tokens should be created. The unauthorized creation of 408.5 million tokens therefore raises immediate questions about minting authority and the integrity of its multichain supply accounting.

At the time of writing, NuNet had not published an incident report explaining whether deployer credentials were compromised, whether further minting had been disabled or whether the affected tokens could be frozen, invalidated or burned. The team had also not announced a compensation plan.

NuNet’s operational compute network and the security of its token controls are now two separate issues. Continued network activity confirms that the product remains available, but it does not resolve the unauthorized supply created through the Ethereum deployer account.

A technical post-mortem can close that gap by identifying the authorization path, confirming the status of all deployer permissions and providing a chain-by-chain accounting of the affected tokens. Until those details are published, the compute network remains live while the integrity of the token layer remains unresolved.