Is Bittensor
Safe?
Network Halted After $8 Million Vanishes From
Security Breach
Is Bittensor Safe? Network Halted After $8 Million Vanishes From Security
Breach
by Christian Encila
35 mins ago
in Crypto News
0
The world of cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта took another blow this week as Bittensor, a
prominent AI• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Искусственный интеллект
• Информационные технологии » Искусственный интеллект
• Высокие технологии » Информационные технологии и телекоммуникации » Искусственный интеллект-focused project, was forced to halt its network after a series of
wallet hacks. Investigators suspect a private key leak may be to blame,
raising concerns about the security of the entire crypto ecosystem.
Related Reading: Biden’s Crypto Policies Under Fire: Cardano• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Cardano Leader Speaks Out
On July 3rd, Bittensor co-founder Ala Shaabana announced a network shutdown
via a social media post. This drastic measure came after attackers siphoned
off at least $8 million worth of TAO, Bittensor s native token. The
incident follows a similar theft just a month prior, where another wallet
hemorrhage resulted in a loss of $11 million.
By way of an update, we have contained the attack and put the chain into safe
mode (blocks producing but no transactions are permitted).
We’re still mid investigation and are considering all possibilities. Stay
tuned.
— Ala (@shibshib89) July 3, 2024
They are still mid-investigation and are considering all possibilities,
Shaabana disclosed, highlighting the ongoing efforts to identify the culprit
and prevent future breaches. The Bittensor team swiftly put the network into
safe mode, allowing for block creation but halting all
transactions to contain the potential exploit.
Before Bittensor s network shutdown, the alarm was first raised by
ZachXBT, a pseudonymous on-chain investigator with a keen eye for crypto
shenanigans. Through his Telegram channel, ZachXBT flagged the suspicious
activity, which ultimately led to the network halt.
According to blockchain security expert ZachXBT s Telegram report, an
attack on the BitTensor (TAO) wallet has occurred due to a private key leak.
Previously, WooBlockchain reported that the BitTensor Foundation is
investigating multiple attacks on BitTensor wallets, resulting in…
— BitcoinWorld Media (@ItsBitcoinWorld) July 3, 2024
TAO $11 million wallet theft. Source: ZachXBT
From Smart Contracts To Soft Keys: Hackers Shift Targets
While the initial focus of crypto security concerns centered on
vulnerabilities within smart contracts – self-executing code on blockchains –
the tide appears to be turning. According to the 2024 Crypto HackHub
Report by Merkle Science, a crypto risk intelligence platform, private
key leaks surpassed smart contract exploits as the leading cause of stolen
digital assets in 2023. Over 55% of hacked funds were lost due to compromised
private keys, highlighting a shift in hacker tactics. TAO is currently trading
at $235. Chart: TradingView
AI• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Искусственный интеллект
• Информационные технологии » Искусственный интеллект
• Высокие технологии » Информационные технологии и телекоммуникации » Искусственный интеллект Dreams On Hold: Bittensor s Reputation Tarnished
Bittensor, boasting a market capitalization of $1.6 billion, is one of the
largest blockchain projects focused on artificial intelligence• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Искусственный интеллект
• Информационные технологии » Искусственный интеллект
• Высокие технологии » Информационные технологии и телекоммуникации » Искусственный интеллект. It aims to
create a decentralized network where machine learning• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Искусственный интеллект » Машинное обучение
• Информационные технологии » Искусственный интеллект » Машинное обучение
• Высокие технологии » Информационные технологии и телекоммуникации » Искусственный интеллект » Машинное обучение models from various
owners can collaborate and share resources. This ambitious vision hinges on a
secure and trustworthy platform.
TAO down in the last 24 hours. Source: Coingecko
Related Reading: Boomers Are The Real Crypto HODL Champions, Analyst Claims
The recent security breaches have undoubtedly cast a shadow over
Bittensor s reputation. Investors reacted swiftly, with TAO token prices
experiencing a 14% drop in the aftermath of the attack. While some recovery
occurred after Bittensor announced mitigation measures, regaining user trust
will be an uphill battle.
Featured image from TechHQ, chart from TradingView
