In a recent incident, Bittensor, a prominent AI-focused project, was forced to suspend its network operations following a series of wallet hacks, resulting in a loss of at least $8 million worth of TAO, Bittensor’s native token.
This incident comes just a month after another wallet breach that led to a loss of $11 million. The Bittensor team has now released a detailed report shedding light on the developments surrounding these attacks.
Root Causes Of Bittensor’s Wallet Hack
According to the report, at 7:41 PM UTC on Wednesday, the decision was made to place the Opentensor Chain Validators behind a firewall and activate safe mode on Subtensor due to the attack that affected multiple participants in the Bittensor community.
The attack timeline indicates that the attacker initiated fund transfers from wallets to their wallet, which was detected by the Opentensor Foundation (OTF).
A “war room” was reportedly established to respond to the abnormality in transfer
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