AI network Bittensor token plummets 15% after potential breach results in chain shutdown
The native token of Bittensor, a decentralized artificial intelligence network, has experienced a significant decline following reports of a possible security breach. Over the past 24 hours, the TAO token has fallen by more than 15%, dropping from $281 to $237 based on CoinGecko’s data.
Jacob Robert Steeves, co-founder of Bittensor, has confirmed that the network is temporarily suspended while developers conduct an investigation into the matter.
“Hey folks, we’re investigating, chain is currently firewalled, we’re prepping an update to push it into safe mode, but all transfers are now blocked as we’ve isolated the validators.†– @shibshib89
— Neural Bond Connery(τ, τ) (@ai_bond_connery) July 2, 2024
A community moderator known as “const” has reported that the team is currently investigating a potential attack on several Bittensor wallets within the last three hours. As a precautionary measure, the network has completely halted transactions on the chain.
Wallet attack notice on Bittensor’s Discord
The Opentensor Foundation, the organization behind the Bittensor protocol, has not yet released an official statement regarding the incident.
Bittensor utilizes blockchain technology to establish a decentralized platform for AI model development, training, and exchange. The TAO token incentivizes participants to contribute computational resources and data to the network’s AI training processes.