Bittensor

Polkadot

ZachXBT

Discord

<p class="is-style-lead">Blockchain startup Bittensor has temporarily halted its network due to a private key leak, causing the network’s token to drop by 16%.</p>
<p>Bittensor, a decentralized machine learning protocol, has apparently fallen victim to a hacker attack, targeting multiple wallets in the network, with losses estimated at $8 million.</p>
<p>In a Telegram post on Jul. 2, blockchain sleuth ZachXBT revealed in a Telegram post that hackers withdrew over 30,000 Bittensor TAO tokens, valued at approximately $8 million at the time. Bittensor confirmed the attack in a Discord channel, prompting a temporary network halt.</p>
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   <p lang="zxx" dir="ltr"><a href="https://t.co/irfTpclSK8" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/irfTpclSK8</a></p>— Bittensor (@bittensorcom) <a href="https://twitter.com/bittensorcom/status/1808322420673241331?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 3, 2024</a>
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<p>You might also like: <a href="https://crypto.news/bittensor-price-soars-13-as-grayscale-trust-rumors-circulate/" rel="noopener noreferrer nofollow"> Bittensor price soars 13% as Grayscale Trust rumors circulate </a></p>
<p>As of press time, the root cause of the hack remains unclear, though ZachXBT <a href="https://t.me/investigations/138" target="_blank" rel="noopener noreferrer nofollow">suggested</a> it might have resulted from “private key leakage.” Following the news, the TAO token dropped nearly 16% to $227 before rebounding to $238, according to CoinMarketCap data.</p>
<p>Founded in 2019 by AI researchers Ala Shaabana and Jacob Steeves, Bittensor initially operated as a Polkadot parachain but pivoted to its own layer-1 chain in March 2023. Reports <a href="https://fortune.com/crypto/2024/04/15/bittensor-tao-polychain-digital-currency-group-dao5-ai-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">indicate</a> Polychain Capital backed Bittensor in 2019 and held around $200 million in its tokens as of April.</p>
<p>Read more: <a href="https://crypto.news/bittensor-tao-up-over-300-blockchain-ai-integrate/" rel="noopener noreferrer nofollow"> Bittensor TAO token up over 300% as blockchain and AI integrate </a></p>

Bittensor halts network following $8m theft due to private key leak

crypto.news

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