‘Safe Mode’ Activated on Bittensor Blockchain Amidst Multi-Million Dollar Wallet Depletions

The Bittensor (TAO) blockchain has been halted following significant fund depletions from multiple wallets. Leading to the activation of safe mode. 

According to Opentensor Foundation reports. The incident, first noticed by onchain investigator Zachxbt, involved a wallet losing 32,000 TAO worth $8 million, with another theft of $11.2 million occurring on June 1, 2024. Opentensor confirmed the blockchain’s pause for investigation, stating transactions are suspended for at least 24 hours. TAO’s market reaction saw a 16% decline to $757 per unit. 

With the blockchain, valued at $1.63 billion, focusing on resolving the issue before resuming normal operations and updates.

Clever Robot News Desk 5th July 2024

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