Pi Network Temporarily Halts Wallet Payment Requests Amid Rising Scams

TheNewsCryptoPubblicato 2025-12-31Pubblicato ultima volta 2025-12-31

Introduzione

Pi Network has temporarily disabled its wallet payment request feature due to widespread scams. Scammers were impersonating official accounts and targeting high-balance wallets, tricking users into approving fraudulent requests, resulting in irreversible losses. Over a million PI tokens have been stolen this year, with one wallet receiving more than 838,000 tokens. The Pi Core Team clarified that the issue stems from user approval, not a system vulnerability, and emphasized that this is a common risk across crypto wallets. The token’s value dropped 10% following the incident but has since shown slight recovery. Recent updates include standardized KYC and testnet DEX improvements to enhance security and liquidity.

The Pi network, which is the mobile-first Cryptocurrency and web3 blockchain, recently posted a tweet on DEC 30 that the team has warned that scammers are exploiting the Payment request feature to steal Pi tokens from users’ balances. In the Pi network, the wallet balances are publicly visible, and the attackers are targeting the high-balance wallets and sending the payment request to the wallet as an impersonation of official Pi accounts or community moderators.

Once the user approves the payment request, the Tokens will be instantly transferred to the scammers’ account and will be gone forever. No reversal or recovery will be done. The Community reports indicate the scams are widespread, and one scammer’s wallet has received more than 838,000 PI tokens. Overall, more than a million PI tokens have been lost throughout the year. This created a panic situation among the users, and even the experienced users were tricked because the request looked legitimate.

Pi Core Team Denies System Vulnerability, Addresses Market and User Impact

After this incident happened, many users called it a wallet flaw, but the Core team clarified that the problem is from the human approval, not the protocol Flaw. They say that the wallet never sends funds on its own, and the transfer only happens after the user’s approval. This behavior exists in all major Crypto wallets. So to stop this scam, the PI network has disabled all payment requests network-wide. This stops the scams instantly and prevents further user losses. This makes the PI token safe, and it was the fastest way to contain the damage.

The token is currently trading at $0.204 with a market cap of 1.7 billion. The Token has dropped to 10% due to this issue. Recently, the token has updated its ecosystem by adding Standardized KYC to cut the verification backlogs by 50% and speed up mainnet migration for millions of users. Another update is from the testnet DEX, which makes the trading safer and easier by using Pi as the main trading Pair and improving the liquidity. This makes the token regain its momentum, and it has increased by 0.7% in 24 hours.

Highlighted Crypto News:

XDC Network Momentum Test: Will It Break Resistance or Slip Back to Lows?

Domande pertinenti

QWhy did the Pi Network temporarily halt wallet payment requests?

AThe Pi Network temporarily halted wallet payment requests to stop scammers who were exploiting the feature to steal Pi tokens by impersonating official accounts, preventing further user losses.

QHow were the scammers able to steal Pi tokens from users?

AScammers targeted high-balance wallets, sent payment requests while impersonating official Pi accounts or community moderators, and stole tokens once users approved these deceptive transactions.

QWhat was the Pi Core Team's response to the incident being called a 'wallet flaw'?

AThe Pi Core Team clarified that the issue was due to human approval of fraudulent requests, not a protocol flaw, emphasizing that transfers only occur after user authorization, similar to other crypto wallets.

QHow much Pi token value was reported lost due to these scams?

ACommunity reports indicated that over a million Pi tokens were lost throughout the year, with one scammer's wallet receiving more than 838,000 Pi tokens.

QWhat recent updates has the Pi Network implemented to improve its ecosystem?

AThe Pi Network recently added Standardized KYC to reduce verification backlogs by 50% and introduced updates to the testnet DEX, using Pi as the main trading pair to enhance safety and liquidity.

Letture associate

Fu Peng's First Public Speech in 2026: What Exactly Are Crypto Assets? Why Did I Join the Crypto Asset Industry?

Fu Peng, a renowned macroeconomist and now Chief Economist at New火 Group, delivered his first public speech of 2026 at the Hong Kong Web3 Festival. He explained his perspective on crypto assets and why he joined the industry, framing it within the context of macroeconomic trends and financial evolution. Fu emphasized that crypto assets are transitioning from an early, belief-driven phase to a mature, institutionally integrated asset class. He drew parallels to the 1970s-80s, when technological advances (like computing) revolutionized traditional finance, leading to the rise of FICC (Fixed Income, Currencies, and Commodities). Similarly, current advancements in AI, data, and blockchain are reshaping finance, with crypto assets becoming part of a new "FICC + C" (C for Crypto) framework. He noted that institutional capital, including traditional hedge funds, avoided early crypto due to its speculative nature but are now engaging as regulatory clarity emerges (e.g., stablecoin laws, CFTC classifying crypto as a commodity). Fu predicted that 2025-2026 marks a turning point where crypto becomes a standardized, financially viable asset for diversified portfolios, akin to commodities or derivatives in traditional finance. Fu defined Bitcoin not as "digital gold" in a simplistic sense but as a value-preserving, financially tradable asset. He highlighted that crypto's future lies in regulated, institutional adoption, moving away from retail-dominated trading. His entry into crypto signals this maturation, where traditional finance integrates crypto into mainstream asset management.

marsbit36 min fa

Fu Peng's First Public Speech in 2026: What Exactly Are Crypto Assets? Why Did I Join the Crypto Asset Industry?

marsbit36 min fa

Cardano Gets Filecoin-Backed Storage Upgrade

Cardano's ecosystem has integrated a significant storage upgrade through a collaboration between Blockfrost and Filecoin. This new premium storage tier offers Cardano builders a decentralized, verifiable backup solution without requiring any changes to their existing workflows. The integration, which was initially announced in late 2024, has now been productized, providing enhanced data resilience for applications on Cardano. Charles Hoskinson endorsed the move, welcoming Filecoin as "one of the OGs" to the ecosystem. The service leverages Filecoin's decentralized storage network to strengthen app reliability and underscores a commitment to decentralization by coordinating two major layer-1 blockchain ecosystems.

bitcoinist44 min fa

Cardano Gets Filecoin-Backed Storage Upgrade

bitcoinist44 min fa

Justin Sun Sues Trump Family: What $75 Million Bought Was Only a Blacklist

Justin Sun, founder of Tron, has filed a lawsuit in federal court against World Liberty Financial (WLF), alleging he was made the "primary target of a fraudulent scheme" after investing $75 million. Sun claims the investment secured him an advisor title and WLFI tokens, which were later frozen by WLF, causing "hundreds of millions in losses." The dispute began in late 2024 when Sun's investment helped revive WLF's struggling token sale, which ultimately raised $550 million. Shortly after, the SEC dropped its lawsuit against Sun following Donald Trump's inauguration. However, relations soured when Sun refused WLF's demands for additional funding. In August 2025, WLF added a "blacklist" function to its smart contract, allowing it to unilaterally freeze tokens. Sun's holdings, worth approximately $107 million, were frozen, and he was threatened with token destruction. The lawsuit highlights WLF's structure, which directs 75% of token sale profits to the Trump family, who had earned $1 billion by December 2025. WLF's CEO is Zach Witkoff, son of U.S. Middle East envoy Steve Witkoff. The project faces scrutiny for opaque operations, including a controversial loan arrangement on the Dolomite platform, co-founded by a WLF advisor. Despite Sun's history with the SEC, the case underscores centralization risks within DeFi, as WLF controls governance and holds powers to freeze assets arbitrarily. Sun's tokens remain frozen as legal proceedings begin.

marsbit44 min fa

Justin Sun Sues Trump Family: What $75 Million Bought Was Only a Blacklist

marsbit44 min fa

$500 to Buy OpenAI Stock: Silicon Valley's Most Respectable Liquidity Invitation

Silicon Valley's largest venture capital platform, AngelList, has launched a new fund called USVC, allowing U.S. retail investors to buy into high-profile AI companies like OpenAI, Anthropic, and xAI with a minimum investment of $500—no accredited investor status required. Promoted by AngelList co-founder Naval Ravikant, the fund is framed as an opportunity for ordinary people to access high-growth private tech investments traditionally reserved for VCs. However, critics argue it functions more like an exit vehicle for early insiders. USVC acquires shares not through primary rounds but largely via secondary transactions—purchasing stakes from early investors, VC funds, and employees looking to cash out at peak valuations. With companies like xAI heavily weighted in the portfolio, the fund effectively channels retail money into providing liquidity for insiders who entered at much lower valuations. The fund’s structure raises concerns: shares are illiquid, with no secondary market, and buybacks are limited and discretionary. The actual annual fee reaches 3.61%, far above the advertised 1% management fee. This model parallels the "low float, high fully diluted valuation" strategy seen in crypto, where early investors profit by selling to latecomers at inflated prices. The timing—alongside similar moves by platforms like Robinhood—suggests that Silicon Valley’s sudden interest in retail inclusion may be less about democratizing access and more about securing exits for insiders.

marsbit1 h fa

$500 to Buy OpenAI Stock: Silicon Valley's Most Respectable Liquidity Invitation

marsbit1 h fa

Bitcoin Approaches $80,000 Mark, ETF Funds Continue Inflow, Is the Crypto Market Shifting?

Bitcoin is approaching the $80,000 mark, reaching a new high since February, while Ethereum remains around $2,400 with some altcoins surging significantly. Over the past 24 hours, $462 million in futures contracts were liquidated, with shorts accounting for $353 million. The market fear and greed index has risen to 60, indicating neutral sentiment. Global risk assets continue to rebound, with U.S. stock markets hitting record highs. The S&P 500, Nasdaq, and Dow Jones all saw gains. Meanwhile, the U.S. dollar index remains stable around 98.61. Geopolitical developments, including a temporary extension of the U.S.-Iran ceasefire, have influenced market dynamics, though tensions persist. Bitcoin spot ETFs have seen six consecutive days of net inflows, with a peak single-day inflow of $663.91 million. Ethereum spot ETFs also recorded nine straight days of net inflows. Stablecoin market capitalization has risen to $320.6 billion, with a weekly net inflow of $635 million. Market analysts note that Bitcoin's recovery is supported by renewed spot demand and ETF inflows. However, high realized profits and low volatility suggest caution, with resistance expected near $80,000. Institutional and ETF-driven demand is strengthening market support, indicating a potential shift toward a new trading range with increased upward momentum.

marsbit1 h fa

Bitcoin Approaches $80,000 Mark, ETF Funds Continue Inflow, Is the Crypto Market Shifting?

marsbit1 h fa

Trading

Spot

Futures