Bittensor (TAO) Suffers 37% Monthly Loss After Attack Forces Chain Into Safe-Mode

Bittensor (TAO) has lost as much as 16% in the past week and 37% over the past month, with the recent hack contributing significantly to the latest downturn.

Bittensor (TAO) has seen a significant price drop in recent times, with losses of up to 16% in the past week and 37% over the past month. This downturn is largely due to a recent attack on the network, which has impacted several members of the Bittensor community.

The attack involved the attacker transferring funds from users’ wallets into their own wallet, prompting the Opentensor Foundation (OTF) to swiftly detect the anomaly and take measures to halt all transactions.

One user is reportedly affected by the attack with a loss of 32,000 TAO, valued at around US$7.5 million (AU$11.6 million).

Following the attack, the chain has been placed in safe-mode and behind a firewall, with new blocks being produced but no transactions being processed.

The OTF has stated that the chain will undergo a code review and a gradual resumption of normal operations, with updates to be provided to the community as they become available.

Despite the recent attack and price struggles, Bittensor, with its strong community and fundamental strengths, operates as a decentralised network where miners contribute Machine Learning models to the collective effort, akin to a town populated by skilled residents.

The network assigns tasks across multiple machines, rewarding the best AI responses with TAO tokens. Unlike Bitcoin, which focuses on financial transactions, Bittensor utilises TAO to govern computing power for AI tasks, aiming to standardise transparent and fair AI transactions on a global scale.

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