"Covenant AI's exit from Bittensor was prompted by allegations that co-founder Jacob Steeves maintained centralized control, contradicting the project's decentralized mission. The fallout from this departure saw TAO plummet nearly 25% in just six hours, erasing over $650 million in market capitalization."
"Allegations against Steeves included claims of coercive governance, where large token sales were used as punitive measures to enforce compliance during operational conflicts, raising serious concerns about the integrity of Bittensor's decentralized framework."
Bittensor's native token, TAO, experienced a significant drop of 25% following Covenant AI's departure, which accused co-founder Jacob Steeves of centralizing control. The token fell from $337 to $253, resulting in a loss of over $650 million in market capitalization. Despite a recent positive performance, the controversy raises concerns about future trust in Bittensor. Allegations against Steeves include coercive governance tactics and unilateral decisions that contradict the project's decentralized mission, leading to a volatile market response.
Read at news.bitcoin.com
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