As an experienced analyst, I’m deeply concerned about the recent security breach at Bittensor that resulted in the theft of millions of dollars worth of digital assets. The incident highlights the ongoing struggle within the crypto space to combat hacks and exploits, which remain a significant barrier to mass adoption.
On July 3rd, Bittorent experienced a significant security incident that led to the suspension of network activities following the emptying of multiple wallets, resulting in the loss of over $8 million in digital assets.
Co-founder Ala Shaabana made an important announcement regarding the current network issue via a post on X. He shared that the team has managed to halt the attack and transitioned the network into a protective state, referred to as “safe mode.” In this state, blocks continue to be generated, but no new transactions are being processed at present. The investigation is ongoing, with all potential causes under careful consideration.
In relation to the ongoing situation, we have managed to halt the assault and switched the chain into a protective mode (preventing new blocks from being created while transactions are disallowed). Rest assured, we’re diligently investigating every angle and will keep you informed of any developments.
— Ala (@shibshib89) July 3, 2024
The crypto sector’s persistent battle against hacks and vulnerabilities, a major hindrance to widespread acceptance, is underscored by this occurrence. Over the past decade and a half, the industry has experienced approximately $19 billion in losses due to over 785 documented incidents.
The Bittensor theft was initially discovered by the pseudonymous on-chain investigator ZachXBT, who revealed the breach in a July 3 Telegram message. He noted, “Bittensor was halted due to additional thefts earlier today potentially as a result of private key leakage.” An unidentified address, ‘5FbW,’ was used in an exploit to acquire 32,000 Bittensor (TAO) tokens, valued at around $8 million.
The most recent cyberattack is alarming given that it follows hot on the heels of another incident in which over $11.2 million worth of TAO tokens were stolen from a wallet on June 1, as reported by ZachXBT. The frequent occurrence of these large-scale breaches casts doubt on the existing security measures and underscores the persistent vulnerabilities that continue to pose threats in this domain.
During the ongoing investigation, the Bittensor team is diligently working to uncover every potential cause of the recent security incident. This unfortunate event underscores the importance of strong security protocols within the crypto sector, allowing for the safekeeping of digital assets and fostering trust among users and investors.
Read More
- BODEN PREDICTION. BODEN cryptocurrency
- GHST PREDICTION. GHST cryptocurrency
- BETA PREDICTION. BETA cryptocurrency
- STRD PREDICTION. STRD cryptocurrency
- Mango Markets Exploiter Found Guilty Of Fraud And Manipulation
- GBP EUR PREDICTION
- MATIC PREDICTION. MATIC cryptocurrency
- LOOKS PREDICTION. LOOKS cryptocurrency
- BRN/USD
- TNSR PREDICTION. TNSR cryptocurrency
2024-07-03 15:48