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Tokens associated with decentralized artificial intelligence network Bittensor have plummeted following reports of a possible security breach. According to data from CoinGecko, the native token, TAO, has fallen more than 15% in the past 24 hours, falling from $281 to $237.
Bittensor co-founder Jacob Robert Steves confirmed that the network was temporarily down while developers investigated the situation.
“Guys, we are investigating. The chain is currently protected by a firewall and we are preparing an update to switch to safe mode, but all transfers are blocked because we have quarantined the validator.” – @shibshib89
— Neural Bond Connery(τ, τ) (@ai_bond_connery) July 2, 2024
A community manager identified as “const” reported that the team is “investigating what appears to have been an attack on multiple Bittensor wallets over the past three hours.” In response, the network has “completely halted transactions on chain” as a precaution.
The Opentensor Foundation, the organization responsible for the Bittensor protocol, has yet to release an official statement on the incident.
Bittensor creates a decentralized platform for the development, training, and exchange of AI models using blockchain technology. The TAO token serves as an incentive for participants to contribute computing resources and data to the network’s AI training process.
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