What Triggered the 13% Decline in Bittensor’s TAO Token?

TAO Price Suffers from Major Decline Amidst Network Security Issues

The native token of the decentralized artificial intelligence network Bittensor, TAO, has faced a significant price drop recently. Over the past 24 hours, it has fallen by 13%, dropping from $282 to $237.

Security Breach Impact

The price drop has been attributed to a security breach reported in the TAO network several hours ago. The network's co-founder, Jacob Robert Steeves, confirmed the situation, leading to the temporary suspension of network operations for investigation.

Block Production Halt

As a precautionary measure, block production on the TAO network was halted to prevent further damage and safeguard the network. This suspension has also led to the suspension of TAO trading.

Phishing Attack and Token Loss

In addition to the network breach, it was reported that a TAO user lost approximately $11.2 million worth of tokens in June through a phishing attack. Earlier today, another theft of 32,000 TAO tokens (worth $8 million) was reported due to a private key leakage.

Other Crypto News Highlights

• Dormant PEPE Whale Activity Sparks Attention Amid Price Decline