Bittensor halts its blockchain network after security incident involving wallets – DiarioBitcoin
By Hannah Perez
This blockchain was deliberately suspended after an apparent security breach that led to wallet losses. TAO, the native token, fell by more than 10%.
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- Bittensor developers stopped the network after detecting a security attack
- AI-focused blockchain network hasn’t processed any transactions in over 12 hours
- Native token TAO fell more than 10% in price
Bittensora Proyect of Blockchain which claims to be focused on machine learning and artificial intelligence (AI), has been halted amid reports of a security breach.
The developers of Bittensor announced on Wednesday that it had made a deliberate decision to temporarily suspend its network after detecting an ongoing hacking attack.
“As an update, we have contained the attack and put the chain into safe mode (blocks producing but no transactions allowed)“wrote Ala Shaabana, co-founder of Bittensorin a publication in X. He added that the team is investigating the situation and that they are “considering all possibilities“.
On-chain analyst ZachXBT first noted the incident, warning that it could have involved the leakage of private keys, which could lead to unauthorized access to funds and possible theft. He estimated that at least $8 million worth of TAO tokens, native to Bittensorhad been stolen, which possibly motivated the decision to stop the network.
“Bittensor has been halted due to additional thefts today, potentially as a result of a private key leak”, ZachXBT explained in an update on TelegramThis latest attack comes a month after a different wallet was drained of $11.2 million worth of TAO tokens on June 1, the analyst added.
The TAO Foundation has not yet provided a detailed statement on the thefts as the investigation unfolds, though a community manager at Bittensor in Discord seemed to confirm the robberies.
“We are investigating what appears to have been an attack on multiple Bittensor wallets in the last 3 hours.“said a member of Discord. “We are investigating, and out of an abundance of caution, we have recently completely halted on-chain transactions until more information is available to us about the nature of this attack.“.
The incident has caused the price of the TAO token to deteriorate by 13% in the last 24 hours, according to data from CoinMarketCap.
Meanwhile, the blockchain of Bittensor has been unprocessed for over 12 hours, judging by the times of the last block according to the explorer Blockchain of said project.
Article by Hannah Estefanía Pérez / Bitcoin Diary
Edited image of Unsplash
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