What Triggered the 13% Decline in Bittensor’s TAO Token?
Release: 2024/07/03 16:44 Reading: 403
TAO Witnesses Price Drop Amidst Network Security Breach
Over the past month, TAO, the native token of the decentralized artificial intelligence network Bittensor, has experienced a decline of 37.48%. This sharp drop follows a reported security breach within the network.
Security Breach and Block Production Halt
The Bittensor network was temporarily suspended following suspicious activity. Developers halted block production as a precautionary measure to minimize potential damage. During this period, TAO trading was paused, contributing to market fluctuations.
Phishing Hack and Token Theft
Earlier this year, a TAO holder lost $11.2 million worth of tokens through a phishing attack. Additionally, approximately 32,000 TAO tokens, valued at $8 million, were stolen due to private key leakage.
Price Movement and Market Data
As of this writing, TAO trades at $237. Its market capitalization stands at $1.67 billion. Despite the network halt, the 24-hour trading volume has surged by 124% to $90 million.
Community Response
The Bittensor community has been actively monitoring the situation and providing updates. Moderators have emphasized the importance of caution and the ongoing investigation into the security breach.
Conclusion
The security breach on the Bittensor network has had a significant impact on TAO's price. The network's ongoing investigation and precautionary measures are underway to address the situation and ensure the security of the network and its users.
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