TAO drops over 9% in 24 hours, market cap falls to $32.11 billion

BlockBeats News, April 10th, according to an exchange market data, TAO plummeted over 9% in the past 24 hours, now trading at $292.7, with a market cap falling to $3.211 billion.

On the news front, the decentralized AI training team Covenant AI issued a public statement, formally announcing its withdrawal from the Bittensor network, directly naming the network's key figure Jacob Steeves (alias Const), accusing him of systematic betrayal of decentralized commitments. Covenant AI founder Sam Dare revealed that Const has recently taken a series of oppressive actions against his team: suspending token emissions for its subnets, revoking its management authority over its own community channels, unilaterally decommissioning subnet infrastructure, and exerting economic pressure through large-scale, high-exposure token dumping during the conflict.

Covenant AI bluntly stated that the "three-person multi-signature governance" touted by Bittensor is essentially a "decentralized theater"—Const effectively controls the multi-signature, can unilaterally push through changes at any time bypassing consensus, and other participants are merely legal liability shields. The statement is sharp-worded: "The entire core commitment of Bittensor—that no single entity can control it—is a lie."