2024

Bittensor

Bitcoin

Security

On July 3, Bittensor faced a major security breach, forcing the network to halt activity after a series of wallet drains resulted in the theft of at least $8 million worth of digital assets. 
In an urgent attempt to contain the damage, co-founder Ala Shaabana announced the network outage via a post on X. “By way of an update, we have contained the attack and put the chain into safe mode (blocks producing but no transactions are permitted). We’re still mid-investigation and are considering all possibilities,” Shaabana explained. 
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 By way of an update, we have contained the attack and put the chain into safe mode (blocks producing but no transactions are permitted). We’re still mid investigation and are considering all possibilities. Stay tuned.— Ala (@shibshib89) <a href="https://twitter.com/shibshib89/status/1808306071263760612?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 3, 2024</a>
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This incident highlights the ongoing struggle within the crypto space to combat hacks and exploits, which remain one of the most significant barriers to mass adoption. Over the past 13 years, the crypto industry has suffered nearly $19 billion in theft across 785 reported hacks.&nbsp; 
The Bittensor theft was initially discovered by the pseudonymous on-chain investigator ZachXBT, who revealed the breach in a July 3 Telegram message. He noted, “Bittensor was halted due to additional thefts earlier today potentially as a result of private key leakage.” An unidentified address, ‘5FbW,’ was used in an exploit to acquire 32,000 Bittensor (TAO) tokens, valued at around $8 million. 
This latest attack is particularly concerning as it comes just a month after another wallet was drained of $11.2 million worth of TAO tokens on June 1, according to ZachXBT. The recurrence of such high-profile breaches raises questions about the security protocols in place and highlights the vulnerabilities that still plague&nbsp; 
As the investigation continues, the Bittensor team is exploring all possible angles to understand the breach and prevent future incidents. This episode serves as a stark reminder of the critical need for robust security measures in the crypto industry to protect digital assets and build trust among users and investors. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/07/03/lapd-arrests-suspect-involved-in-a-theft-of-bitcoin-mining-computer-worth-579000/" target="_blank" rel="noreferrer noopener">LAPD Arrests Suspect in $579K Bitcoin Mining Equipment Theft</a> 
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Bittensor Network Shuts Down After $8M Security Breach

The Crypto Times

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