- Reports state that the depletion of cash from multiple wallets caused the Bittensor (TAO) blockchain to be put on hold.
- According to the Opentensor Foundation, the network is currently in safe mode after the last block was completed 14 hours ago.
The TAO Network Ended 14 Hours Ago Owing to Massive Thefts of Wallets
Onchain investigator Zachxbt revealed that a Bittensor wallet holding 32,000 TAO—worth $8 million at the time—had been emptied at 9:47 p.m. EDT on Tuesday.
This occurrence happened after another wallet depletion on June 1, 2024, in which $11.2 million was stolen. The developers of the artificial intelligence-focused cryptocurrency project Bittensor, the Opentensor Foundation, have verified that the blockchain has been switched to safe mode.
As of right now, Opentensor posted on Discord, “the chain is in safe mode for at least the next 24 hours.” This indicates that all transactions, including transfers, are currently on hold while we look into the attack’s primary cause.
The TAO chain has been put on hold for 14 hours as of 9:50 a.m. EDT, according to the TAO blockchain explorer taostats.io. With an AI focus, Bittensor is the fourth-biggest blockchain, valued at $1.63 billion on the market.
But by 9:50 a.m. on Wednesday, the recent events had caused TAO’s value to drop by about 16%. As of right now, TAO is over 69% less than its all-time high of $757 per unit, which was reached on March 7, 2024.
The last words from Opentensor are, “Until the chain is fully restored online, we will not be issuing any routine software updates for the Bittensor program or for any chain updates on the mainnet or testnet.” For the rest of this week, this issue will be our top priority.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
