Satoshi

Bittensor

Show

Foundation

Security

<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>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <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>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<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>
<div class="wp-block-rehub-colortitlebox rh-colortitlebox" style="text-align:left;border-radius:5px;box-shadow:0 10px 10px #00000007;background-color:#fafafa;color:">
 <div class="rh-colortitle-inbox" style="background-color:var(--rehub-main-color);color:#fbfbfb;border-radius:5px 5px 0 0"><i class="rhicon rhi-bolt-regular rh-colortitlebox-icon" style="color:"></i>
  <div class="rh-colortitle-inbox-label">
   New Meme Coin to Watch Aiming to be Next $BONK, $WIF or $MEW
  </div>
 </div>
 <div class="rh-colortitlebox-text">
  <style scoped>.rh-toggler-open{height:auto !important}
.rh-toggler-open .rh-tgl-show, .rh-toggler-open .rh-tgl-grad{display:none !important}
.rh-toggler-open .rh-tgl-hide{display:block !important}
.rh-tgl-show, .rh-tgl-hide{cursor:pointer}
.rh-contenttoggler *{box-sizing: border-box !important}
.rh-toggler-wrapper{overflow: hidden;transition: all 0.5s ease; padding-bottom: 35px; margin-bottom:30px;box-sizing: content-box !important;position: relative;}
.rh-toggler-wrapper p:last-of-type {margin-bottom: 0;}</style>
  <div class="wp-block-rehub-contenttoggler rh-contenttoggler" data-height="100px">
   <div class="rh-toggler-wrapper" style="height:100px">
    <p><strong><a href="https://mileimoneda.io/?utm_source=marketing&amp;utm_medium=inarticle&amp;utm_campaign=cap&amp;utm_id=s1" target="_blank" rel="noopener noreferrer nofollow">Milei Moneda</a></strong> is a new meme coin inspired by the political and economic views of Javier Milei, an Argentine president&nbsp;known for his libertarian and pro-Bitcoin stance. You have an opportunity with the <strong><a href="https://mileimoneda.io/?utm_source=marketing&amp;utm_medium=inarticle&amp;utm_campaign=cap&amp;utm_id=s1" target="_blank" rel="noopener noreferrer nofollow">ongoing low presale price</a></strong> to get in early!</p>
    <p><em>Sponsored</em></p> <span class="rh-tgl-trigger" style="text-align:center;position:absolute;z-index:2;bottom:0;left:0;width:100%;color:"><span class="rh-tgl-show" style="display:block">Show more +</span><span class="rh-tgl-hide" style="display:none">Show less –</span></span><span class="rh-tgl-grad" style="background-image:linear-gradient(to bottom,rgba(255,255,255,0) 0,#ffffff 100%);display:block;position:absolute;height:100px;bottom:0;left:0;z-index:1;width:100%"></span>
   </div>
  </div>
 </div>
</div>
<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>
<figure class="wp-block-image is-resized"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXfAXekKBVO3BargI7TdMMfjwgRPAasoM9PVMZYrthxEzUaYTtlBZ_ZCRbz-3jzxanTn4CojkpkRRyuCATMHCqPpzn5ZgziZ5N6sjDZgwJLMGBSdJegaNgH1bqzpU0yrtA056f3a4Yk3JTrLg4J47zdLbM0s?key=jirNLGIki85EV3V5P9eSgw" alt="" style="width: 100%;height:auto">
</figure>
<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>
<p><em><strong>Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?<br>Get all our future calls by joining our&nbsp;<a href="https://t.me/captainaltcoincom" target="_blank" rel="noopener noreferrer nofollow">FREE Telegram group.</a></strong></em></p>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/REBEL-SATOSHI-RECQ-MEME-COIN-qndahijqjwle5mml7gg8my30uqig0eo11vxmtat25a.png" width="500" alt="Check $RECQ Meme Coin" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-ll_bottom-target-_blank-rel-noopener-noreferrer-nofollow-span-check-recq-meme-coin-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> <span>Check $RECQ Meme Coin</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20">
     Sponsored: Invest Responsibly, Do Your Own Research.
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> Buy RECQ Today </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Serves as the base currency for all transactions within the Rebel Satoshi platform <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>ICO stage, offering tokens at a discounted price <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade, <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
    </div>
   </div>
  </div>
 </div>
</div>
<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

Table of Contents

CaptainAltcoin

Alte articole publicate pe 3 iul. 2024

Top Crypto Pick of 2024: Moon Keynote Spearheads BlockDAG Towards 20,000x ROI in 2024; Dogwifhat ...

Analyst Says Bitcoin Is Hitting Range Bottom, “Right Before The Fireworks”

LayerZero (ZRO) price prediction for 2024

Russia’s central bank might legalize stablecoins for trades with China: report

Tether Partners with Turkish Firm BTguru to Boost Crypto Education and Adoption

Crypto Analyst Says Next Bitcoin Target Is $78,700 If BTC Breaks This Resistance

Join our free newsletter for daily crypto updates!