✅ Bittensor suspected of being attacked, TAO price dropped sharply

The price of Bittensor's TAO token is falling sharply due to information that the project temporarily suspended trading to investigate the rumor of being hacked.

Bittensor's block browser also shows that the network has been offline since around 06:20 on July 3, 2024 (Vietnam time).

Following this information, Bittensor's TAO token price has dropped nearly 15% at the time of writing due to news of the blockchain temporarily shutting down to investigate suspected hacking.

According to ZachXBT, an on-chain detective, the Bittensor (TAO) blockchain network has announced a trading suspension to investigate the rumored hack. This information was confirmed by a Bittensor representative on the project's Discord.

ZachXBT also predicted that the cause may be due to the private key being leaked, with one address withdrawing about 8 million USD in assets. Previously, in early June, a Bittensor user also lost 11.2 million USD in TAO tokens for unknown reasons.