TAO drops over 9% in 24 hours, market capitalization falls to $3.21B

CryptoWorld News reports that on April 10, according to HTX market data, TAO dropped more than 9% over the past 24 hours and is currently priced at $292.7, with its market cap falling to $321.1 million. In the news, the decentralized AI training team Covenant AI issued a public statement, officially announcing its withdrawal from the Bittensor network and directly naming the network’s core figure Jacob Steeves (online name Const). Covenant AI accused him of systemic betrayal of the network’s commitment to decentralization. Covenant AI founder Sam Dare disclosed that Const has recently taken a series of suppressive actions against their team: suspending token emissions from its affiliated subnets, revoking their management rights over their own community channels, unilaterally abandoning subnet infrastructure, and during the conflict applying economic pressure through large-scale, high-exposure token sell-offs. Covenant AI said bluntly that Bittensor’s so-called “three-person multi-sign governance” is essentially a “decentralized theater”—Const effectively exercises effective control over the multi-signature scheme, can bypass consensus to unilaterally implement changes at any time, and other participants are merely figureheads bearing legal responsibility. The statement’s wording was sharp: “Bittensor’s entire core promise— that no single entity can control it— is a lie.”