Pi Network Temporarily Halts Wallet Payment Requests Amid Rising Scams

TheNewsCryptoОпубліковано о 2025-12-31Востаннє оновлено о 2025-12-31

Анотація

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?

Пов'язані питання

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.

Пов'язані матеріали

The Era Has Arrived Where Human Writers Must Prove They Are Not Machines

The article describes an era where AI-generated content is flooding the market, forcing human authors to prove they are not machines. It begins with the example of dozens of AI-written, error-ridden biographies of Henry Kissinger appearing on Amazon within hours of his death, a pattern repeated for other deceased celebrities and even living experts who find fraudulent books under their names. This spam content has exploded, with monthly new book releases on platforms like Amazon reaching 300,000 by late 2025. The issue spans genres, from suspiciously high proportions of AI-written teen romance and self-help books to dangerous, AI-generated foraging guides containing lethal advice. The platforms' automated review systems, designed to catch plagiarism and banned words, are ill-equipped to detect AI-generated text that avoids these pitfalls while being nonsensical or fraudulent. The problem has infiltrated traditional publishing. A major publisher, Hachette, had to recall a bestselling horror novel after AI detection tools suggested 78% of its content was machine-generated. An acclaimed European philosophy book was later revealed to be entirely written by AI under a fake author persona. In response, authors are fighting back. At the 2026 London Book Fair, 10,000 writers published a blank book titled "Don't Steal This Book" containing only their signatures—using emptiness as a protest weapon in an age of AI overproduction. Initiatives like the "Human Author Certification" program have emerged, ironically placing the burden on humans to prove their work is not machine-made. The article warns of a vicious cycle: AI-generated low-quality books pollute the data used to train future AI models, leading to "model collapse" and an ever-worsening flood of digital waste, eroding trust in publishing and devaluing human creativity.

marsbit15 хв тому

The Era Has Arrived Where Human Writers Must Prove They Are Not Machines

marsbit15 хв тому

Strategy CEO Highlights Scenarios Where Company Would Sell Bitcoin — Report

Strategy CEO Phong Le outlined potential scenarios for the company to sell portions of its massive Bitcoin holdings, a departure from its "Never Sell" philosophy. In a CNBC interview, Le stated sales could occur to finance dividend payments for its Perpetual Preferred Stock if doing so increases shareholder value, defined as a rise in "Bitcoin per share." He emphasized a data-driven approach, prioritizing math over ideology. Other reasons include when the company's book value is below market value or to capture tax benefits. As the largest corporate holder with 818,334 BTC (~$65 billion), Strategy has significant annual dividend obligations (~$1.5 billion). Le believes the Bitcoin market's high liquidity (~$60B daily volume) can absorb such sales without major price impact. Bitcoin currently trades around $80,840.

bitcoinist27 хв тому

Strategy CEO Highlights Scenarios Where Company Would Sell Bitcoin — Report

bitcoinist27 хв тому

Crypto Funds See Six Consecutive Weeks of Net Inflows, CLARITY Act Drives $858 Million Influx

Global cryptocurrency investment products recorded a net inflow of $857.9 million last week, marking the sixth consecutive week of positive flows and the largest single-week inflow since April 24, according to CoinShares' latest report. The primary catalyst was legislative progress on the U.S. CLARITY Act, specifically the final compromise text for stablecoin yield provisions, alongside Bitcoin's price breaking above $80,000. U.S.-listed products dominated with $776.6 million in inflows, a significant jump from the prior week's $47.5 million. European markets also saw increased participation. Bitcoin products led with $706.1 million in inflows, while short-Bitcoin products experienced their largest weekly outflow of 2026, indicating unwinding bearish positions. Major altcoins like Ethereum, Solana, and XRP all saw renewed positive flows, with Ethereum reversing its prior week's outflow to attract $77.1 million. Total assets under management (AUM) climbed to $160 billion.

marsbit30 хв тому

Crypto Funds See Six Consecutive Weeks of Net Inflows, CLARITY Act Drives $858 Million Influx

marsbit30 хв тому

Silicon Valley Wang Chuan: How Can You Not Feel Anxious When the Neighbor Lao Wang Earned 30x by Investing in Storage Stocks?

The author explores anxiety, attributing it to the amygdala's stress response, and suggests writing down worries to shift control to the rational prefrontal cortex, easing anxiety more effectively than mere reassurance. The piece then examines a source of financial anxiety in May 2026: a 150% surge in the Philadelphia Semiconductor Index, with storage stock SNDK skyrocketing 38x. The author analyzes the underlying logic behind this boom, tracing it to soaring valuations of AI startups like Anthropic (Anth). Anth's reported $400 billion ARR is scrutinized, revealing that cumulative revenue since founding is only about $108 billion, with the company still losing billions monthly and relying on continuous funding (having raised $723 billion). The author contrasts Anth's $1+ trillion valuation speculation with Berkshire Hathaway's fundamentals ($3.7 trillion revenue, $669 billion profit, $4 trillion cash, $1 trillion market cap), questioning the belief that a loss-making, funding-dependent startup could be worth more than the established giant. The narrative concludes by linking the massive valuations of Anth and OpenAI to a surge in AI industry capital expenditure (capex), which in turn fueled the storage sector's prosperity, setting the stage for a further discussion.

marsbit41 хв тому

Silicon Valley Wang Chuan: How Can You Not Feel Anxious When the Neighbor Lao Wang Earned 30x by Investing in Storage Stocks?

marsbit41 хв тому

The King of Blind Date Attire in Korea: How SK Hynix Made a Comeback Against Samsung?

In South Korea's dating scene, SK Hynix employees are now highly sought after, a status shift fueled by the company's astronomical profits and employee bonuses, projected to reach up to 6.1 million RMB per person by 2027. This marks a dramatic reversal for the long-time second-place player in memory semiconductors, which has now surpassed its rival Samsung in annual operating profit. The turnaround story began in 2008 when a struggling Hynix, emerging from bankruptcy restructuring, took a risky bet by agreeing to develop High Bandwidth Memory (HBM) with AMD. At the time, HBM had no clear market beyond high-end graphics cards and was a costly, complex technology. Major players like Samsung, pursuing its own HMC technology, declined. For Hynix, with only memory as its core business, it was a gamble born of necessity. The pivotal moment came in 2012 when SK Group Chairman Chey Tae-won acquired Hynix. Defying industry downturns, he invested heavily in R&D and fabrication, sustaining the HBM project through over a decade of commercial uncertainty and internal challenges. A key break occurred around 2016-2017 when Samsung faced production issues supplying HBM2 for Google's TPU, allowing SK Hynix to gain a crucial foothold in the data center market. The AI explosion post-ChatGPT in 2022 was the catalyst, turning HBM into a critical bottleneck for AI accelerators like NVIDIA's GPUs. By 2025, SK Hynix captured 62% of the global HBM market, leaving Samsung at 17%. For the first time, its annual operating profit exceeded Samsung's. Analysts point to the "innovator's dilemma" to explain Samsung's miss: its vast, successful business portfolio made it risk-averse, preventing an all-in bet on the initially niche HBM technology. In contrast, SK Hynix, as a challenger with its back against the wall, had no choice but to commit fully. The story highlights how Korea's chaebol system allows for ultra-long-term bets beyond quarterly pressures. However, SK Hynix's lead isn't guaranteed. Samsung is aggressively catching up on HBM4, and challenges like customer concentration (heavy reliance on NVIDIA) and technical hurdles in advanced packaging remain. The narrative underscores a market truth: the greatest alpha often comes from betting on uncertain, long-term directions others dismiss, much like HBM in 2008.

marsbit55 хв тому

The King of Blind Date Attire in Korea: How SK Hynix Made a Comeback Against Samsung?

marsbit55 хв тому

Торгівля

Спот

Ф'ючерси