The Full Picture of the Bittensor $TAO Drama. Everything you need to know. What happened, who said what, and what the data shows 👇 --- 1/ The timeline: - March 20: Jensen Huang calls Bittensor "a modern Folding@home" on the All-In Podcast. TAO runs from ~$180 to $340. - April 2: Grayscale files amended S-1 with the SEC to convert its Bittensor Trust into a spot ETF. - April 10: Covenant AI, the team behind that rally, announces they're leaving Bittensor. TAO drops to $253. Currently ~$264. The team that built the narrative just walked out of the building. --- 2/ Who is who: - Const (Jacob Steeves): Bittensor co-founder. Controls key governance functions. - Sam Dare: Founder of Covenant AI. Built the Covenant-72B model. 72B parameter LLM trained entirely via decentralized compute across 70+ nodes. Operated 3 subnets (Templar, Basilica, Grail). - Fish: Major subnet operator. Publicly defended Const. --- 3/ What Covenant AI is claiming: Five specific accusations against Const: 1. Unilaterally suspended TAO emissions to all 3 Covenant subnets, cutting off the team's revenue 2. Revoked their admin access to their own community channels 3. Deprecated their subnet infrastructure without consensus 4. Executed large token sales during the conflict, described as deliberate economic pressure 5. The "Triumvirate" (3-person multisig governing all upgrades) is controlled by Const alone. The other two members co-sign without review Their word for it: "Decentralization theatre." --- 4/ How the governance actually works: - Triumvirate: 3 Opentensor Foundation members draft and execute proposals via multisig - Senate: Top 12 validators by staked TAO vote on proposals (50%+1 to pass) The design looks distributed. The dispute is whether it functions that way. Covenant claims dozens of upgrades shipped with zero public debate. --- 5/ The other side. Fish's defense of Const: - Const personally supported Covenant's early development on Grail and Templar - Sam allegedly dumped 37,000+ TAO before/around the exit announcement - Fish calls the departure "an ugly decision out of malice and greed" Const's own response did not address any specific accusation. He framed it as evolution: "This will drive Bittensor to produce its first truly headless subnets. Thank you to Covenant AI for making Bittensor more decentralized." --- 6/ What makes this worth paying attention to. The accusations are specific and verifiable, not vague FUD. Const didn't deny any of them. The counteraccusation. Covenant dumping 37K TAO around the exit, raises its own questions about motive. And all of this is unfolding while Grayscale's ETF filing sits with the SEC. The situation is still developing.