Bittensor

<p>The Bittensor blockchain suffered a major attack, causing a sharp 15% drop in its native crypto, TAO. The incident, which drained $8 million from a user wallet, forced developers to temporarily suspend the network as a precautionary measure.</p>
<h2 id="h-tao-collapses-following-a-spectacular-8-million-theft">TAO collapses following a spectacular $8 million theft</h2>
<p>The <a href="https://www.cointribune.com/en/crypto-cardano-emerges-victorious-from-a-sophisticated-hacking-attempt/" target="_blank" rel="noopener noreferrer nofollow">attack</a> on Bittensor, which occurred in the early hours of Wednesday, targeted multiple user wallets.</p>
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<p>The biggest impact was on a single wallet, emptied of 32,000 TAO, or around $8 million at the time of the hack. This <a href="https://coinpedia.org/crypto-live-news/tao-token-dips-15-amid-bittensor-security-breach/" target="_blank" rel="noopener noreferrer nofollow">security breach</a> instantly triggered a shockwave in the market, causing the TAO price to plummet from $281 to $237 within a few hours.</p>
<p>Ala Shaabana, co-founder of the <a href="https://www.cointribune.com/en/blockchain-fortune-500-companies-are-racing-ahead-with-the-united-states-trailing-behind/" target="_blank" rel="noopener noreferrer nofollow">Bittensor</a> blockchain, promptly responded by announcing on X (formerly Twitter) that the blockchain was put into “safe mode”. This emergency measure allowed for block production to continue while freezing transactions, thus limiting the extent of the damage.</p>
<p>On-chain analysts, including ZachXBT, suspect a private key compromise as the primary attack vector.</p>
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<h2 id="h-bittensor-retaliates-and-reassures-its-community">Bittensor retaliates and reassures its community</h2>
<p>In the face of this crisis, the <a href="https://www.cointribune.com/en/bittensor-tao-loses-momentum-crypto-analysis-of-april-4-2024/" target="_blank" rel="noopener noreferrer nofollow">Bittensor</a> team acted swiftly and transparently. A principal member stated on Discord: “<em>We are investigating and, as a precaution, have entirely suspended on-chain transactions until we obtain more information on the nature of this attack</em>.”</p>
<p>On-chain data confirms the halt of operations around 23:00 UTC on July 2. Despite this setback, Bittensor maintains a strong position in the AI crypto ecosystem, with a market cap of $1.6 billion.</p>
<p>In summary, its innovative technology, which interconnects global machine learning models, continues to attract the interest of investors and experts in the <a href="https://www.cointribune.com/en/crypto-an-expert-declares-the-uselessness-of-the-ethereum-etf/" target="_blank" rel="noopener noreferrer nofollow">crypto sector</a>.</p>

Crypto: Bittensor’s TAO Collapses by 15% After a Massive Attack

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