SingularityNET (AGIX) Plunges 99% After Attacker Mints 260 Million Tokens

AI Token Trio Hit in Coordinated Mint Attack

SingularityNET (AGIX) has lost more than 99% of its value in the past 24 hours after an attacker minted 260 million AGIX tokens without authorization on the Ethereum network, blockchain-security firm PeckShield's on-chain data shows. The same wallet address has been linked to a coordinated series of strikes against three adjacent AI-token projects — Fetch.ai (FET), NuNet (NTX) and SingularityNET — pointing to a single operator rather than three separate attackers, with losses across Fetch.ai and NuNet totaling roughly $2 million. The larger share landed on Fetch.ai, where 8.7 million FET, worth approximately $1.53 million, was drained from the protocol. On NuNet, the wallet minted 408.5 million NTX out of thin air — a supply expansion valued near $462,000 that sent the token down about 65% within hours. The heaviest damage sits on SingularityNET itself. Beyond the 260 million AGIX, the actor minted 53.838 million WMTX, a second Ethereum-based token, and the resulting dilution crushed AGIX past the 99% drawdown mark as each token's effective claim on the protocol was slashed. Mint authority — the smart-contract permission that allows new tokens to be created — is the apparent point of failure, though that is inference from the on-chain pattern, not a confirmed finding. Traces show part of the haul has already moved: the attacker converted proceeds into 546.36 ETH, worth approximately $1.44 million. As of the latest on-chain tally, the wallet still controls roughly $16.77 million in crypto — led by 198.3 million AGIX valued at about $14.42 million, alongside 649 ETH worth approximately $1.67 million and 33.538 million WMTX valued near $627,000. Notably, none of the three teams has yet published a post-mortem identifying the exploited contract, the compromised key or a remediation timeline; the exact root cause remains unconfirmed as of publication.

Gemini's Licenses Outvalue Its Shrinking Exchange

Gemini Space Station (GEMI), the publicly listed crypto platform founded by Cameron and Tyler Winklevoss, has fallen roughly 80% from its public debut, cutting its market value from a peak near $4 billion to $753 million. Its second-quarter investor-relations release lays out the deterioration: exchange revenue dropped 38% year-over-year to $12.5 million, spot trading volume collapsed 66% to $3.8 billion, and assets held on the platform shrank to $8.4 billion from $18.2 billion. Those numbers have revived takeover talk rather than existential concern. Lorenzo Valente, director of digital assets research at ARK Invest, argued in a public post on X last month that Hyperliquid — the offshore perpetual-futures venue — should acquire Gemini and run it as a regulated U.S. gateway for perpetuals and prediction markets, adding that the twins' concentrated voting control could streamline a deal. No indication of an active bid exists, and Gemini declined to comment on the speculation. What a buyer would actually be purchasing, one venture investor with direct knowledge of the matter said on condition of anonymity, is not the trading engine — core exchange technology offers limited differentiation from rivals — but the regulatory licenses and approvals Gemini holds through its subsidiaries, which would be costly and slow to replicate organically. That fits a wider crypto M&A pattern in which acquirers pay for market access rather than volume: Keyrock bought BlockFills' trading assets in July to add licenses, derivatives expertise and institutional clients, tokenization firm Ondo has explored a deal worth up to $500 million, and LMAX and B2C2 have each weighed strategic transactions. Prospective buyers have also circled Gemini's shuttered European and U.K. operations primarily for their licenses; no deal has materialized amid valuation disagreements. Control is the catch: the Winklevoss twins hold 94.5% of Gemini's voting power, simplifying negotiations but making any sale dependent on their consent and a hostile takeover virtually impossible. For retail users comparing venues — from the picks in our guide to the best crypto exchanges down to niche altcoin platforms — the episode is a reminder that a platform's durability rests on regulated infrastructure, not brand. Traditional diversifiers, from silver (XAG) to the UVXY ETF, a VIX-futures instrument, offer no exposure to that moat — only a regulated acquisition does. Readers tracking the market in real time can follow live spot and futures prices on Bybit.

public post on Xhttps://x.com/LorenzoARK/status/2090529396201545927

Mint Keys and Licenses Share One Weak Point

Read together, the two stories describe the same asset class from opposite ends: infrastructure that is simultaneously the crown jewel and the attack surface. On-chain evidence makes the SingularityNET breach fully auditable — the unauthorized mints, the swap trail into 546.36 ETH and the attacker's residual $16.77 million balance are all traceable, even though the teams have yet to confirm the root cause or a remediation timeline. Privilege-management flaws of this kind are not chain-specific; ecosystems from Polkadot (DOT) to Ethereum carry the same mint-authority risk, and unlike cryptojacking attacks that merely siphon computing power, a rogue mint destroys a token's scarcity outright. Gemini's drawdown shows the same infrastructure, once licensed and intact, is exactly what acquirers pay for — a durable, permissioned franchise closer to the moats of large-cap tech names such as Cisco Systems (CSCO) than to speculative trading volume. Whoever holds the keys — or the licenses — holds the enterprise.