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Developers of the decentralized AI project Bittensor stopped the work of the blockchain after detecting an attack on users ' wallets. One of them lost $8 million in TAO tokens.
At the time of writing, the network does not process new blocks for more than five hours, according to the explorer.
"We are investigating and, as a precaution, have recently completely halted on — chain transactions until we have more information about the nature of this attack," a team member told Discord.
On-chain analyst ZachXBT suggested that there was a leak of private keys. He noted that 32,000 TAOS worth $8 million were stolen from just one address.
Ala Shaabana, co-founder of Bittensor, confirmed that the project's network has been switched to safe mode — blocks are made, but transactions are not processed.
Bittensor positions itself as a decentralized marketplace for vendors and users of algorithms in the fields of AI and machine learning. Governance-the TAO token has a limited issue of 21 million coins, just like bitcoin.
Against the background of the incident, the asset price fell from ~$265 to ~$225 — by 15%. After a minor recovery, TAO is trading around the $238 mark.
By market capitalization in the segment of AI tokens, TAO ranks sixth with an indicator of ~$1.66 billion (CoinGecko).
At the time of writing, the network does not process new blocks for more than five hours, according to the explorer.
"We are investigating and, as a precaution, have recently completely halted on — chain transactions until we have more information about the nature of this attack," a team member told Discord.
On-chain analyst ZachXBT suggested that there was a leak of private keys. He noted that 32,000 TAOS worth $8 million were stolen from just one address.
Ala Shaabana, co-founder of Bittensor, confirmed that the project's network has been switched to safe mode — blocks are made, but transactions are not processed.
Bittensor positions itself as a decentralized marketplace for vendors and users of algorithms in the fields of AI and machine learning. Governance-the TAO token has a limited issue of 21 million coins, just like bitcoin.
Against the background of the incident, the asset price fell from ~$265 to ~$225 — by 15%. After a minor recovery, TAO is trading around the $238 mark.
By market capitalization in the segment of AI tokens, TAO ranks sixth with an indicator of ~$1.66 billion (CoinGecko).
