Bittensor Network Halts Operations Due to Security Breach
A suspected security exploit targeting several wallets has prompted the developers of the Bittensor network to temporarily suspend its operations. This move was made to safeguard the network and prevent potential thefts due to the possible leakage of private keys.
Bittensor Community Discord Administrator Announcement
The Bittensor community Discord administrator, known as [т, T], informed users that all transactions on the network have been paused. This action was taken to halt any unauthorized access while the team investigates the security issue. The administrator reassured the community that they are actively looking into the attack that targeted specific Bittensor wallets.
- Blockchain put into “safe mode,” allowing block production but halting transactions
- Approximately $8 million worth of TAO stolen
- 17% decline in TAO token’s value, now trading at $240
- Previous incident of user losing over 28,000 tokens to phishing attack
Crypto Project Scams on the Rise
Unfortunately, crypto projects have increasingly been vulnerable to scams and hacks over recent years. In 2024 alone, losses from various incidents involving hacks and rug pulls have exceeded $473 million across 108 reported cases. While this figure represents a slight improvement from the previous year, the crypto community remains vigilant against such threats.
- Losses from hacks and fraud surpass $473 million in 2024
- Decentralized finance (DeFi) projects frequently targeted by scammers
- Ethereum and BNB Chains experience high losses due to attacks
Hot Take: Protecting Your Crypto Assets
As a responsible crypto investor, it is crucial to prioritize the security of your digital assets. Avoid falling victim to phishing attacks and always use secure wallets and exchanges to safeguard your investments. Stay informed about the latest threats in the crypto space and take proactive measures to protect your funds.
Sources:
By
By
By
By