Bittensor was forced to halt its network operations on July 3 after a series of wallet breaches led to the theft of at least $8 million in digital assets. The team behind Bittensor has assured users that all funds are secure following the network pause.
The network stoppage, aimed at containing the exploit, was announced by Ala Shaabana, Bittensor’s co-founder, in a July 3 post on X (formerly Twitter):
“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.”
Hacks and exploits continue to be significant challenges for the cryptocurrency industry, hindering wider adoption. Over the past 13 years, the industry has experienced nearly $19 billion in thefts from 785 reported crypto hacks.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
