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AI Network Bittensor Token Drops 15% as Possible Hack Leads to Chain Shutdown
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The token associated with Bittensor, a decentralized artificial intelligence network, has fallen sharply following reports of a possible security breach. Its native token, TAO, has fallen more than 15% in the past 24 hours, from $281 to $237, according to CoinGecko data.
Bittensor co-founder Jacob Robert Steeves confirmed that the network has been temporarily suspended while developers investigate the situation.
“Hey guys, we are investigating, the chain is currently firewalled, we are preparing an update to bring it into safe mode, but all transfers are now blocked because we have isolated the validators.” – @shibshib89
— Connery Neural Bond(τ, τ) (@ai_bond_connery) July 2, 2024
A community moderator identified as “const” said the team is “investigating what appears to be an attack on multiple Bittensor wallets over the past 3 hours.” In response, the network has “completely blocked on-chain transactions” as a precaution.
The Opentensor Foundation, the organization behind the Bittensor protocol, has not yet released an official statement regarding the incident.
Bittensor leverages blockchain technology to create a decentralized platform for developing, training, and exchanging AI models. The TAO token serves as an incentive for participants to contribute computational resources and data to the network’s AI training processes.
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