• TAO was down by 37.48%, over the past month. 
  • The block production was halted due to security reasons for the network.
  • A TAO holder lost $11.2 million, in June through a phishing hack.

TAO, the native token of the decentralized artificial intelligence network Bittensor, witnessed a sharp decline in price from $282 to $237. It reflects a 13% drop over the past 24 hours. The price drop of TAO reflects after the security breach reported in its network a few hours ago, through X. 

What Triggered the 13% Decline in Bittensor’s TAO Token? image 0 What Triggered the 13% Decline in Bittensor’s TAO Token? image 1 TAO price chart (Source: CMC)

The token’s price stands at $237, with the market cap staying at 1.67 billion. The 24-hour trading volume has increased amidst the network hack to $90 million, reflecting a 124% surge. Over the past 30 days, the TAO price witnessed a clean dip of 37.48%, according to the CMC data. 

Bittersor’s Network Breach (TAO)

The Bittensor network hack was first reported on the TAO community’s discord. Its co-founder Jacob Robert Steeves confirmed the situation, and Connery shared on X. The network had been suspended temporarily as developers investigating the suspicious activity. “const,” the community moderator shared on X: 

“We are investigating what appears to have been an attack on a number of Bittensor wallets over the last 3 hours, and in an abundance of caution have recently fully halted transactions on chain until there is more information available to us about the nature of this attack.”

Meanwhile, the block production halt on the TAO network was part of a security measure to prevent further damage and safeguard the network. During this period, TAO trading suspended, which added to the market’s volatility . Further, it allows an investigation into the suspicious activities within the network. 

Along with the security breach of the network, the theft of 32K TAO worth $8 million was reported earlier today as private key leakage was observed. And previously in June, a Bittensor (TAO) user lost over 28K tokens worth $11.2 million. 

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