Bittensor Suspends Transactions Amid Suspected Attack

The AI platform Bittensor has recently announced a temporary suspension of transactions to investigate suspected security issues.

According to on-chain detective ZachXBT, the Bittensor blockchain network (TAO) has announced a temporary suspension of transactions to investigate rumors of a security breach. This information was confirmed by a representative of Bittensor on the project’s Discord.

ZachXBT also speculated that the cause could be due to a leaked private key, with an address having withdrawn assets totaling up to $8 million USD.

Earlier in June, a Bittensor user also lost $11.2 million USD worth of TAO tokens under unclear circumstances.

Data from Bittensor’s block explorer also indicates that the network has been disrupted since around 23:20 on July 2, 2024 (UTC).

Price fluctuations of Bittensor (TAO)

Bittensor utilizes blockchain technology to create a decentralized platform for developing, training, and exchanging artificial intelligence models. The TAO token serves as an incentive for members to contribute computational resources and data to the network’s AI training processes.

Previously, the price of the TAO token dropped more than 15% in the past 24 hours, from $281 USD to $230 USD, according to data from CoinmarketCap.

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