Bittensor's TAO Dropped 15% After a $8M Crypto Hack

Bittensor's TAO Dropped 15% After a $8M Crypto Hack

Core developers at Bittensor, a decentralized AI project, halted its blockchain network following a suspected security exploit targeting user wallets, first identified by onchain analyst ZachXBT. The pause in transactions, as reported by a community Discord administrator, aimed to prevent further unauthorized access and allow time for investigation.

Blockchain explorers confirmed that no new transactions had occurred for several hours. ZachXBT disclosed that about $8 million worth of Bittensor's native TAO tokens were stolen, likely due to private key leakage, causing a 15% drop in TAO's value to around $229. The TAO Foundation has not yet issued a detailed statement as the investigation is ongoing.

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Chainlink Partners With Sygnum, Fidelity for Onchain NAV Data

Chainlink has partnered with Fidelity International and Sygnum to bring net asset value (NAV) data onchain, focusing on Sygnum's $50 million tokenized representation of Matter Labs' treasury reserves held in Fidelity's $6.9 billion Institutional Liquidity Fund. Using Chainlink's technology, NAV data for these tokens will be securely stored and synchronized on the ZKsync blockchain.

This follows Chainlink's completion of the Smart NAV pilot in May with the Depository Trust and Clearing Corporation (DTCC), BNY Mellon, JPMorgan, and Invesco, which explored NAV data distribution across multiple blockchains. Improved transparency, real-time updates, and safe data propagation across various blockchain environments are just a few advantages of integrating NAV data onchain.

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Blast Allocates 10 Billion Tokens in Phase 2 Airdrop Rewards

Blast, an Ethereum Layer 2 network founded by Blur's NFT marketplace creator Tieshun Roquerre, announced its second rewards distribution of 10 billion tokens. The Phase 2 airdrop will span 12 months, with rewards divided equally between Blast Points and Blast Gold, following the initial 17 billion tokens distributed in the first phase last week.

Blast Points will be awarded based on users' balances of ETH, WETH, USDB, and BLAST, while Blast Gold will be given to dapps based on their performance on Blast's mainnet. The primary goal of Phase 2 is to develop mobile dapps, incentivize their use, and support the development of the full-stack chain. Currently, BLAST is trading at $0.017, or 30.84% down in the last seven days.

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Aave Protocol’s GHO Stablecoin Goes Live on Arbitrum

After a vote by the Aave Decentralized Autonomous Organization (DAO), the GHO stablecoin has been deployed on the Arbitrum network, chosen for its low transaction costs and increased throughput. The Aave DAO plans to gradually launch GHO on multiple networks, prioritizing security and risk management by testing the stablecoin's performance on Arbitrum first.

Chainlink's Cross-Chain Interoperability Protocol (CCIP) facilitates this multi-chain deployment, enabling the migration of GHO from Ethereum to other networks. When GHO is moved from Ethereum to another blockchain, tokens are locked in an ETH-based Vault Contract and minted on the target blockchain. Conversely, tokens are burned on alternative chains and released from the Vault Contract when bridging back to Ethereum.

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Data of the day

According to 90-day data by Artemis, TON, Arbitrum, and Polygon PoS experienced the highest percentage increases in daily active addresses, with TON leading at 151.1%, followed by Arbitrum at 91.7%, and Polygon PoS at 64.1%. In contrast, BNB Chain and Avalanche C-Chain saw significant decreases of -38.6% and -18.8%, respectively.

Meanwhile, Solana was the top performer in daily transactions, increasing by 95%, followed by Base and TON with 74.6% and 73.3% raise, respectively. Both BNB Chain and Avalanche C-Chain again show notable declines in daily transactions, at -30.8% and -41.3%, respectively. Overall, the total activity across these blockchains has increased by 312.4% in daily active addresses and 182.3% in daily transaction

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More breaking news

• Bitwise has revised its S-1 application for an Ethereum ETF several days before the July 8 deadline, indicating that it might get approval as early as next week.
• Meme coins that were sparked by possible Joe Biden rivals as the Democratic nominee for president saw a sharp increase over the course of the previous day.
• Genesis Digital Assets, a Bitcoin mining firm, is weighing options for a potential initial public offering (IPO) in the US.
• Consensys has purchased the crypto security app Wallet Guard to strengthen MetaMask's security and guard against fraud and theft for the 30m monthly users.
• A Massachusetts judge denied DraftKings' request to dismiss a class action lawsuit filed by NFT purchasers, setting a precedent for NFTs' status as securities.

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