Following a series of significant wallet drains totaling $19.2 million, the Bittensor (CRYPTO:TAO) blockchain has been placed in "safe mode" by the Opentensor Foundation.

This security measure halts all transactions for at least 24 hours as investigations into the thefts are underway.

The incidents, involving 32,000 TAO ($8 million) on Tuesday and $11.2 million on June 1, have prompted a pause in blockchain activity to assess the root cause of the attacks.

As a result, TAO's market value has plummeted by approximately 16%, with the blockchain now paused for over 14 hours.

Opentensor has prioritised resolving the issue, delaying software updates until the chain's security is fully restored.