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<p>The crypto market faced fresh turmoil as Bittensor (TAO) saw a price drop following reports of a security breach. Multiple wallets associated with the Bittensor network were reportedly attacked, leading to a temporary suspension of on-chain transactions.&nbsp;</p>
<p>Consequently, the TAO token’s value <a href="https://coingecko.com/en/coins/bittensor" target="_blank" rel="noopener noreferrer nofollow">plunged by over 14%</a> in the past 24 hours. This incident shows the issues blockchain projects face in maintaining security and investor confidence.</p>
<h2 class="wp-block-heading" id="strong-security-breach-uncovered-strong"><strong>Security Breach Uncovered</strong></h2>
<p>Wu Blockchain reported that the TAO Foundation is actively investigating attacks on multiple Bittensor wallets. The community administrator in the Tao Community Discord channel confirmed this development. As a precautionary measure, all on-chain transactions have been halted until more information about the attack is gathered.</p>
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   <p lang="en" dir="ltr">Tao Community Discord community administrator said that the TAO Foundation is investigating attacks on multiple Bittensor wallets in the past few hours. On-chain transactions have been completely stopped until they get more information about the attack. Affected by this security…</p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1808305039704027478?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 3, 2024</a>
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<p>Additionally, crypto analyst ZachXBT <a href="https://coinmarketcap.com/community/post/337609127/" target="_blank" rel="noopener noreferrer nofollow">shared insights</a> on his Telegram about the nature of the attack. He suggested that the security breach was likely due to a private key leak. This revelation adds another layer of concern for TAO holders and the broader crypto community.</p>
<h2 class="wp-block-heading" id="strong-market-reaction-and-price-movement-strong"><strong>Market Reaction and Price Movement</strong></h2>
<p>The news of the security breach had an immediate impact on TAO’s market performance. Phoenix Desmond, a trader, <a href="https://x.com/sri_phoenix/status/1808269041725067369" target="_blank" rel="noopener noreferrer nofollow">shared his perspective on the situation</a>. He noted that despite the initial shock, the price seemed to be holding at key support levels.</p>
<p><em>“$TAO validators hacked, and chain halted. Another reason to dump right? Let me share my perspective as a trader,</em>” Desmond tweeted. He observed that the $250 level was being defended, forming a tower bottom on the 1-hour chart.</p>
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<p><strong><em>Read also: <a href="https://captainaltcoin.com/bitcoin-miners-go-on-a-massive-selling-spree-heres-why/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Miners Go On a Massive Selling Spree – Here’s Why</a></em></strong></p>
<h2 class="wp-block-heading" id="strong-looking-ahead-potential-scenarios-strong"><strong>Looking Ahead: Potential Scenarios</strong></h2>
<p>Desmond outlined potential scenarios for TAO’s price action. He suggested an aggressive entry at current levels, while a more conservative approach would be to wait for a reclaim of range lows. Moreover, he noted the possibility of price drifting down to range lows around $220.</p>
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<p>The trader emphasized the need for reevaluation if prices reached these lower levels. This cautious approach reflects the uncertainty surrounding the security incident and its potential long-term implications for the project.</p>
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<p>The post <a href="https://captainaltcoin.com/heres-why-bittensor-tao-price-is-plunging/" rel="noopener noreferrer nofollow">Here’s Why Bittensor (TAO) Price is Plunging</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Here’s Why Bittensor (TAO) Price is Plunging

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