💥 Bittensor Shaken as Major Subnet Covenant AI Exits Citing “Decentralized Theatre”
The Bittensor ecosystem is reeling after TAO plummeted nearly 27% in just 12 hours, erasing $900 million in market value. This sharp decline triggered over $9 million in long liquidations as the token struggled to find a floor. $TAO
The crash follows a shock announcement from Covenant AI, a flagship project on the network, confirming their departure. The team reportedly sold 37,000 TAO worth over $10 million, signaling a total exit from the protocol. $RAVE
Covenant AI leadership didn't mince words, accusing Bittensor founder Jacob Steeves of running "decentralized theatre." They claim the protocol is actually controlled by a small group that uses unilateral power to suspend emissions and silence dissent. $BAS
This exit marks a massive blow to Bittensor’s reputation. Just weeks after being praised for high-level AI benchmarks, the network now faces an identity crisis as investors and developers question if the protocol is as permissionless as promised.