Bittensor Wallet breach leads to $8M loss; TAO token plummets 15% 😱

Decentralized AI Project TAO of Bittensor Halts Network Operations After Breach 😱

Decentralized AI project TAO of Bittensor faced a security breach that impacted users’ wallets, leading to the cessation of its blockchain network. Following the incident, on-chain analyst ZachXBT reported potential thefts resulting from leaked private keys. Approximately $8 million worth of TAO, equivalent to 32,000 tokens, were stolen, causing a significant 15% drop in the token’s value from $281 to $234.

Initial Observations and Community Response 🛡️

ZachXBT initially detected suspicious transactions, linking them to leaked private keys.
The Bittensor community Discord admin issued a statement halting all transactions until further investigation.
The last recorded block on Bittensor’s Explorer occurred three hours before the network shutdown.

Bittensor Co-founder’s Acknowledgment and Assurance 🤝

Jacob Robert Steeves, the co-founder Bittensor Network, acknowledged the situation and assured the community that developers were addressing the issues causing the network suspension. The team emphasized the safety of the network and their dedication to resolving the problem and addressing any potential vulnerabilities.

Market Impact and Price Fluctuations 💰

Following the breach, the TAO token experienced a significant price drop. Data from Taostats indicated a nearly 15% decrease in the token’s value within a single day, impacting the market dynamics. Opentensor Foundation, the entity behind the Bittensor protocol, has yet to release an official statement regarding the hack.

As Bittensor developers work on fixing the vulnerabilities and investigating the breach, the community eagerly anticipates updates on the situation.

Stay Informed and Stay Protected! 🛡️

It’s crucial for crypto enthusiasts to remain vigilant, stay informed about security measures, and be proactive in safeguarding their assets. As the industry continues to evolve, prioritizing security and remaining updated on potential threats is essential for a safe and secure crypto experience.