Ethereum

Bittensor

ZachXBT

Discord

<a href="https://bitcoinworld.co.in/bittensors-tao-tanks-13-after-a-8m-crypto-hack/" title="Bittensor’s TAO Tanks 13% After A $8m Crypto Hack" rel="nofollow"></a>
<ul> 
 <li style="font-weight: 400">Bittensor developers halted the blockchain following a suspected crypto hack targeting TAO wallets, as reported by ZachXBT.</li> 
 <li style="font-weight: 400">The halt has caused a 13% flunk on TAO’s prices.</li> 
 <li style="font-weight: 400">Bittensor has been put into “safe mode” to halt further transactions until investigations are complete.</li> 
</ul> 
The Bittensor blockchain team detected an attack on several user wallets, temporarily halting the system.&nbsp; 
Unfortunately, one wallet was drained of $8 million worth of the project’s TAO tokens. According to Bittensor’s block <a href="https://bittensor.com/scan">explorer</a>, the most recent block was confirmed approximately 7 hours ago. 
<figure id="attachment_76009" aria-describedby="caption-attachment-76009" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class=" wp-image-76009" src="http://bitcoinworld.co.in/wp-content/uploads/TAOs-block-explorer-720x241.png" alt="" width="834" height="279" srcset="https://bitcoinworld.co.in/wp-content/uploads/TAOs-block-explorer-720x241.png 720w, https://bitcoinworld.co.in/wp-content/uploads/TAOs-block-explorer-1080x361.png 1080w, https://bitcoinworld.co.in/wp-content/uploads/TAOs-block-explorer-1440x482.png 1440w, https://bitcoinworld.co.in/wp-content/uploads/TAOs-block-explorer-768x257.png 768w, https://bitcoinworld.co.in/wp-content/uploads/TAOs-block-explorer-1536x514.png 1536w, https://bitcoinworld.co.in/wp-content/uploads/TAOs-block-explorer.png 1600w" sizes="(max-width: 834px) 100vw, 834px">
 <figcaption id="caption-attachment-76009" class="wp-caption-text">
 TAO’s block explorer
 </figcaption>
</figure> 
&nbsp; 
According to on-chain analyst ZachXBT, the announcement mentioned a possible connection between the thefts and leaked private keys.&nbsp; 
“Bittensor was halted due to additional thefts earlier today potentially as a result of private key leakage,” he explained in a Telegram update. 
<h3 id="span-style-font-weight-400-bittensor-wallets-hacked-zachxbt-span">Bittensor Wallets Hacked –&nbsp; ZachXBT</h3> 
ZachXBT reports that the foundation’s decision to safeguard the network against future incidents was likely due to the theft of $8 million worth of TAO, which is equivalent to approximately 32,000 native Bittensor (TAO) tokens. 
In June, ZachXBT also reported another Bittensor hack. He noted that “A TAO holder had $11.2M (28.2K TAO) stolen (https://x.taostats.io/extrinsic/3086433-0007) from them on June 1, 2024.” 
The attacker bridged the stolen funds to Ethereum and has been selling TAO for ETH and USDC. As of now, they have 12.4K TAO ($5M) remaining and have been transferring USDC/ETH to Whitebit, HTX, &amp; Binance. 
According to reports, investigations are ongoing into the attack, which is believed to have been caused by a leakage of private keys. As a precautionary measure, Bittensor has been put into “safe mode” to halt further transactions until more information becomes available. 
The purported decentralized AI project&nbsp; adds, “We are investigating, 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.” 
<h3 id="span-style-font-weight-400-tao-market-performance-span">TAO Market Performance</h3> 
TAO <a href="https://coinstats.app/coins/bittensor/">prices</a> dropped significantly, up to 15%, following the attack, but there was a slight recovery as core members reassured investors that measures were being taken to prevent future incidents.&nbsp; 
<figure id="attachment_76008" aria-describedby="caption-attachment-76008" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class=" wp-image-76008" src="http://bitcoinworld.co.in/wp-content/uploads/TAO-Price-Chart-483x300.png" alt="" width="684" height="425" srcset="https://bitcoinworld.co.in/wp-content/uploads/TAO-Price-Chart-483x300.png 483w, https://bitcoinworld.co.in/wp-content/uploads/TAO-Price-Chart.png 760w" sizes="(max-width: 684px) 100vw, 684px">
 <figcaption id="caption-attachment-76008" class="wp-caption-text">
 TAO Price Chart | Source: Coinstats
 </figcaption>
</figure> 
&nbsp; 
Bittensor core team member wrote on the project’s Discord channel that: 
“We are investigating, 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.” 
TAO fell by 13% following the hacking of TAO validators, which resulted in the chain being suspended for investigation.&nbsp; 
Bittensor (TAO) is currently valued at $236.10, representing a 1.0% increase from one hour ago. Today, the value of TAO is 16.8% lower than it was seven days ago.

Bittensor’s TAO Tanks 13% After A $8m Crypto Hack

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