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Thursday, July 4, 2024
On July 2, Bittensor's blockchain enlightenment was rudely interrupted by a $8 million hack, due to a compromised PyPi Package Manager.
As validators meditated on their nodes, an attacker silently drained their wallets faster than you can say "om."
The path of the TAO led straight to the hacker's wallet, with approximately 32,000 TAO tokens making an unauthorized journey.
The Bittensor team swiftly responded to the situation by immediately halting all network operations, taking decisive action to address the issue at hand.
The network entered "safe mode," allowing blocks to be produced but preventing any transactions from being processed.
This measure was taken to prevent further losses and protect users while a thorough investigation is conducted.
The incident led to a swift 15% decline in the value of the TAO token, demonstrating that in blockchain, as in life, everything flows... including market cap.
According to Bittensor’s Telegram, users and stakers are fine. It's just the owners of some validators, subnets and miners that were drained.
Ready to unpack this clusterbleep of cosmic proportions?
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We are all rekt.