Bittensor sheds $900 million in market value as key AI developer exits amid in-fighting
CryptoSlate
Bittensor lost $900 million in market value following a public fallout and exit of the development team behind a major AI subnet.Summary
The decentralized AI network Bittensor experienced a significant market crash, losing $900 million in capitalization after Covenant AI, a major subnet developer, announced its departure. The exit followed an escalating dispute between Covenant founder Sam Dare and Bittensor co-founder Jacob Steeves over allegations of centralized control, which Steeves denied. The situation was further inflamed by accusations of "exit liquidity" tactics, as Dare liquidated substantial token holdings before leaving. Despite the volatility, Bittensor leadership remains focused on growth, proposing new "lock-based subnet ownership" structures to enhance ecosystem stability and prevent similar crises.
(Source：CryptoSlate)