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$8 Million Stolen, Network Suspended

by SB Crypto Guru News
July 3, 2024
in Crypto Updates
Reading Time: 3 mins read
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On July 3, Bittensor shut down its network operations in response to a major security breach, which led to the theft of over $8 million in digital assets.

Ala Shaabana, Bittensor’s co-founder, made the announcement on July 3 through a post on X.

He confirmed, “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. Stay tuned.”

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The incident was first identified by the crypto investigator ZachXBT, who noted in a Telegram message:

Bittensor was halted due to additional thefts earlier today potentially as a result of private key leakage.

According to the investigator, the attack involved the unauthorized use of the address ‘5FbW’ to steal 32,000 Bittensor (TAO) tokens valued at approximately $8 million. This breach follows a previous incident on June 1, where another wallet was drained of $11.2 million in TAO tokens.

Recent trends indicate a shift in hacking methods, with private key leaks now being the primary cause of crypto theft. According to Merkle Science’s “2024 Crypto HackHub Report,” over 78% of the stolen digital assets in 2023 were due to private key leaks, amounting to $2.5 billion.

In contrast, the amount of digital assets lost to smart contract vulnerabilities has decreased, falling 92.5% to $179 million in 2023 from $2.6 billion in 2022.

Mriganka Pattnaik, co-founder and CEO of Merkle Science, explained:

While smart contract vulnerabilities remain a concern, hackers increasingly target areas outside smart contracts, like private key leaks. These leaks, often due to phishing attacks or insecure storage practices, have led to significant losses.

The increasing frequency and sophistication of these attacks pose challenges for the crypto industry, requiring strong security measures to protect digital assets.

In other news, a governance delegate from MakerDAO has recently fallen victim to a phishing scam, resulting in the loss of $11 million worth of tokens.

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.




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