What Triggered the 13% Decline in Bittensor’s TAO Token?

• TAO was down by 37.48%, over the past month. 
• The block production was halted due to security reasons for the network.
• A TAO holder lost $11.2 million, in June through a phishing hack.

TAO, the native token of the decentralized artificial intelligence network Bittensor, witnessed a sharp decline in price from $282 to $237. It reflects a 13% drop over the past 24 hours. The price drop of TAO reflects after the security breach reported in its network a few hours ago, through X. 

The token’s price stands at $237, with the market cap staying at 1.67 billion. The 24-hour trading volume has increased amidst the network hack to $90 million, reflecting a 124% surge. Over the past 30 days, the TAO price witnessed a clean dip of 37.48%, according to the CMC data. 

Bittersor’s Network Breach (TAO)

“We are investigating what appears to have been an attack on a number of Bittensor wallets over the last 3 hours, and in an abundance of caution have recently fully halted transactions on chain until there is more information available to us about the nature of this attack.”

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