Key Takeaways

What triggered TAO’s recent 12% gain?

TAO surged 12% after a $28 million hack investigation was resolved, restoring investor confidence and driving $25 million in fresh capital inflows.

What’s next for TAO’s price?

TAO is near $447 resistance; a successful breakout could push it toward $476, with a potential yearly high of $588.

Bittensor [TAO] recorded a 12% gain in the past 24 hours after an investigation into a $28 million hack linked to the project was resolved, restoring investor confidence.

With $25 million added to its derivatives market, TAO now sits just a resistance away from reclaiming its previous year all-time high (ATH).

The leading AI token started gaining traction again after suffering a 44% drawdown in recent weeks.

Over the past day, the asset rose 12% as market participants renewed their interest, with most investors betting on further upside.

Investigation boosts investor outlook

A recent update on the investigation into TAO’s $28 million hack in 2024 appears to have fueled renewed optimism.

A detailed post-mortem analysis by on-chain investigator ZachXBT, shared publicly on X, revealed that a former Bittensor employee was responsible for the attack that affected 32 TAO holders.

With a civil lawsuit now underway, this positive development has been reflected in TAO’s recent price recovery.

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Author: Olayiwola Dolapo