The crypto market faced fresh turmoil as Bittensor (TAO) saw a price drop following reports of a security breach. Multiple wallets associated with the Bittensor network were reportedly attacked, leading to a temporary suspension of on-chain transactions.
Consequently, the TAO token’s value plunged by over 14% in the past 24 hours. This incident shows the issues blockchain projects face in maintaining security and investor confidence.
What you'll learn 👉
Security Breach Uncovered
Wu Blockchain reported that the TAO Foundation is actively investigating attacks on multiple Bittensor wallets. The community administrator in the Tao Community Discord channel confirmed this development. As a precautionary measure, all on-chain transactions have been halted until more information about the attack is gathered.
Additionally, crypto analyst ZachXBT shared insights on his Telegram about the nature of the attack. He suggested that the security breach was likely due to a private key leak. This revelation adds another layer of concern for TAO holders and the broader crypto community.
Market Reaction and Price Movement
The news of the security breach had an immediate impact on TAO’s market performance. Phoenix Desmond, a trader, shared his perspective on the situation. He noted that despite the initial shock, the price seemed to be holding at key support levels.
“$TAO validators hacked, and chain halted. Another reason to dump right? Let me share my perspective as a trader,” Desmond tweeted. He observed that the $250 level was being defended, forming a tower bottom on the 1-hour chart.
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Looking Ahead: Potential Scenarios
Desmond outlined potential scenarios for TAO’s price action. He suggested an aggressive entry at current levels, while a more conservative approach would be to wait for a reclaim of range lows. Moreover, he noted the possibility of price drifting down to range lows around $220.
The trader emphasized the need for reevaluation if prices reached these lower levels. This cautious approach reflects the uncertainty surrounding the security incident and its potential long-term implications for the project.
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