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FET/ASI Bridge Contracts Hit by Security Incident, $1.56M in FET Drained

Photorealistic header: breached crypto bridge with FET branding, flashing red alert, hacker silhouette, tech control room.

The Artificial Superintelligence Alliance said its FET token migration and bridge architecture was affected by a security incident that led to the unauthorized withdrawal of about $1.56 million worth of FET from the converter contract.

In a statement posted by the Artificial Superintelligence Alliance, the project said it became aware of an exploit involving the FET token migration and bridge setup and that its team responded immediately. The alliance said it is working with security partners and plans to publish a full incident report after the investigation is complete.

The project also said the treasury was not affected. Exchange wallets were not affected either, and users holding FET in self-custody or on exchanges do not need to take action, according to the statement.

Converter contract was the target

On-chain activity points to the converter contract tied to the FET/ASI migration flow. An explorer page for the contract at Etherscan’s record of the TokenConversionManagerV3 address supports that the draining transactions were directed at the conversion system rather than broader wallets or exchange custody.

That distinction matters: the reported loss concerns the converter, not all FET holders. The amount cited by the alliance refers to FET withdrawn from the contract, while the project said user wallets and exchange-held balances were unaffected.

A separate technical write-up from Oculr said the attacker was able to produce valid signatures under the conversion authorizer key, allowing a single conversionIn action to empty the pool. That analysis described the issue as an access-control weakness involving a single-signer authorizer, but the alliance has not yet published its own full technical report.

For now, the confirmed facts are limited to the affected contract, the reported size of the unauthorized withdrawal and the wallets the project says were not impacted. The incident remains under investigation, with a more detailed postmortem expected later.