Bittensor token TAO price plummeted 27%, wiping out nearly $900 million in market value within 12 hours.

According to ME News, on April 10th (UTC+8), the price of Bittensor's token TAO plummeted by 27% in the past 12 hours, wiping out nearly $900 million in market capitalization. Simultaneously, $9 million worth of long TAO positions were liquidated. This crash occurred after Covenant AI, a major project in the TAO ecosystem, announced its exit from Bittensor. The project reportedly sold 37,000 TAO tokens, worth over $10 million. The Covenant AI team accused Bittensor's founders of operating a "decentralized theater" lie and of actually controlling multiple aspects of the protocol. (Source: ME)