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Tokens associated with Bittensor, a decentralized artificial intelligence network, have plummeted amid reports of a possible security breach, with its native token TAO dropping more than 15% in the past 24 hours from $281 to $237, according to data from CoinGecko.
Bittensor co-founder Jacob Robert Steeves confirmed that the network has been temporarily taken down while developers investigate the situation.
“Hey guys, we're investigating. The chain is currently firewalled and we're preparing an update to go into safe mode, but we've isolated our validators so all transfers are blocked.” Follow
— Neural Bond Connery(τ, τ) (@ai_bond_connery) July 2, 2024
A community moderator who goes by the name “const” reported that the team is “investigating what appears to be an attack on multiple Bittensor wallets over the past three hours,” after which the network “fully halted on-chain transactions” as a precautionary measure.
The Opentensor Foundation, the organization behind the Bittensor protocol, has yet to release an official statement on the incident.
Bittensor leverages blockchain technology to create a decentralized platform for developing, training, and exchanging AI models, with the TAO token serving as an incentive for participants to contribute computational resources and data to the network's AI training process.
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