Over the past month, TAO has experienced a significant price drop of 37.48%. This decline was due to a security issue that forced the block production to be halted on the network. In June, a TAO holder fell victim to a phishing hack and lost $11.2 million.
The native token of the decentralized artificial intelligence network Bittensor, TAO, saw its price plunge from $282 to $237, marking a 13% decrease within 24 hours. This drop is a direct result of a security breach that was reported on the network. The current price of TAO is $237, with a market cap of 1.67 billion. The 24-hour trading volume has surged by 124% to $90 million, reflecting the impact of the network hack. Over the last 30 days, TAO’s price has seen a significant decline of 37.48%.
The Bittensor network hack was first reported on the TAO community’s discord. Co-founder Jacob Robert Steeves confirmed the situation, and the network was temporarily suspended while developers investigated the suspicious activity. The block production halt on the TAO network was implemented as a security measure to prevent further damage and protect the network. This suspension also led to increased market volatility and allowed for a thorough investigation into the suspicious activities within the network.
In addition to the security breach, the theft of 32K TAO, valued at $8 million, was reported due to observed private key leakage. Earlier in June, another Bittensor (TAO) user lost over 28K tokens worth $11.2 million.
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