Bittensor

<ul><li>Bittensor halted transactions to investigate a private key leak that led to an $8M TAO token theft.</li><li>TAO token dropped 15% but stabilized after Bittensor assured users of steps to mitigate further issues.</li><li>The breach highlighted blockchain vulnerabilities, pushing Bittensor to enhance security measures.</li></ul>Security researchers suspect that a private key leakage might have facilitated the exploit, leading to severe consequences for users. In particular, one wallet was drained of $8 million worth of TAO tokens, triggering a sharp response from the Bittensor team and affecting the token&#39;s market value.The attack prompted an immediate reaction from <a href="https://cryptotale.org/bittensor-sees-17-rise-as-analysts-highlight-key-technical-resistance/" rel="noopener noreferrer nofollow">Bittensor’s </a>core members, who decided to halt all transactions on the blockchain as a precautionary measure. This decision was communicated to the community via the project&#39;s Discord channel, where a team member explained that transactions were paused to allow for a thorough investigation.The blockchain entered &#34;safe mode,&#34; a state where blocks continued to be produced but no transactions were processed. This mode was confirmed by co-founder<a href="https://x.com/shibshib89/status/1808306071263760612" rel="noopener noreferrer nofollow"> Ala Shaabana </a>on X, emphasizing the team&#39;s commitment to securing the network.<a href="https://cryptotale.org/critical-security-breach-on-bittensor-8m-in-tao-stolen-network-enters-safe-mode/" rel="noopener noreferrer nofollow">Read more on CryptoTale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Critical Security Breach on Bittensor: $8M in TAO Stolen, Network Enters Safe Mode

CryptoTale

Other articles published on Jul 4, 2024

Best Altcoins for 2024: BlockDAG’s X100 Miner Drive Presale to $55.4M Amidst Ethereum Product Out...

3 Altcoins That Can Bleed After Bitcoin Falls Below $60K

OKX Ventures Pioneers the Future of Tokenized Computing, Details

Bybit Institutional Makes Dual Sponsorship for Swiss Summer Web3Fest and Crypto Valley Conference...

Trump the Felon Memecoin Investor Generates 4,100% Profit, But Waits For Another 15,000% Increase

Cardano (ADA) Skyrockets in Key Metric, Rollblock Holders See RBLK Surge 50%, Bitcoin (BTC) ETFs ...

Join our free newsletter for daily crypto updates!