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The decentralized artificial intelligence (AI) technology-focused blockchain network Bittensor was abruptly shut down by its developers following a security breach. This measure was taken after suspicious activities targeting user wallets were detected. The incident highlights the inherent security vulnerabilities in blockchain and cryptocurrency platforms, as well as the urgent need for stringent security measures.
What Is Happening with Bittensor?
Early this morning, abnormal transactions led the core development team to halt all network operations. According to the blockchain’s block explorer, Bittensor has not produced new blocks for approximately six hours.
This suspension of activity significantly shook market confidence and caused a sharp drop in the token’s price. The value of the TAO token fell by more than 17% and is currently trading around $227.73. Bittensor’s co-founder Ala Shaabana shared the following statement:
“We have contained the attack through an update and put the network into safe mode. During this process, blocks are being produced but no transactions are allowed. We are still in the middle of the investigation and evaluating all possibilities.”
Details on the Matter
As confirmed by Bittensor Discord moderator Watchmaker, the blockchain will operate in safe mode for the next 24 hours. The official stated:
“As we prioritize this issue for the rest of the week, we will not release regular software updates for any chain updates on Bittensor software or the mainnet or testnet until the chain is fully back online.”
Blockchain researcher ZachXBT reported that a stolen address currently holds over 32,000 TAO tokens, valued at approximately $8 million. Although Bittensor has not officially commented on the financial impact of the attack, the community remains vigilant and cautious.
The significant drop in TAO token value has raised concerns among investors and participants who rely on the Bittensor platform to develop, train, and exchange AI models. Utilizing blockchain technology, Bittensor facilitates a collaborative environment where users contribute computational resources and data crucial for the network’s AI training processes.
