Today's Pi coin news: Pi Network has encountered scam wallets, and the core team has launched the PassKey feature to enhance security.

Recently, a Pi Network moderator flagged a scam wallet related to multiple Pi coin theft cases. Reports indicate that the scammer exploited an account unlocking vulnerability to disperse the stolen tokens across several small wallets. This incident occurred while the Pi core team was preparing for a possible second mainnet migration and continuing to implement new security measures. The core team recently rolled out new security updates, including a PassKey feature for wallet protection, to enhance asset protection for pioneer users. Although these developments suggest the project is moving forward, the price of Pi coin has not shown significant fluctuation.

Pi Network Discovers Scam Wallet, Security Issues Once Again Highlighted

Recently, a Pi Network moderator posted on the X platform, exposing a suspicious scam wallet that is said to have been used to steal Pi coins from multiple users. The moderator pointed out that the scammers exploited a vulnerability in the account unlocking mechanism to transfer the stolen funds to a main wallet, which were then distributed to several small wallets. This marked address highlights the vulnerabilities that users face in digital asset security and decentralized systems.

Woody Lightyear, a well-known influencer in the Pi community, has also been urging members to take extra precautions and has reiterated the Pi core team's reminders about Wallet security, warning that phishing scams are still rampant. He emphasized that many victims still fall into the traps of counterfeit websites.

To address such risks, the Pi core team has recently launched new security updates within the Pi app. The official recommendation is for users to only trust communications from official channels and to verify information through the Pi Security Center. This security center provides detailed steps to protect assets and has become the frontline tool for the project in combating fraud.

Security Upgrade and New Developments in Mainnet Migration

A key part of this security upgrade is the newly added PassKey feature in the Pi Wallet. This feature utilizes device-level authentication, such as biometrics or a PIN code, aimed at preventing phishing attacks and account theft. Given the long-standing issues with the verification process in the community, this initiative is particularly important and represents the latest effort by the core team to stop phishing scams.

The introduction of this series of security measures comes at a critical time for Pi Network as it prepares for a potential second Mainnet migration. As previously reported by CoinGape, a Pi moderator hinted at the possibility of a second Token migration. Since the referral bonus and unverified balance have been two issues that hindered the first migration for years, the moderator suggested that the new migration could incentivize pioneer users and promote ongoing participation in the ecosystem.

However, despite these positive developments recently, the price of Pi coin has not changed significantly. Analysts had expected its price to rise after the launch of Onramp Money, but the price of Pi coin remains stable. In the past day, the Token has only increased by 1%, trading at around 0.3468 USD. Its narrow intraday fluctuation range of 0.3432 USD to 0.3488 USD reflects the low volatility of this altcoin.

Conclusion

The Pi Network faces unique challenges in its ongoing development. On one hand, the core team is striving to protect its vast user base through technological means (such as PassKey) and security reminders to combat rampant scams. On the other hand, the highly anticipated second mainnet migration is still under discussion, reflecting the project's complexity in addressing historical legacy issues. This coexistence of technological advancement and real-world difficulties has resulted in the price of Pi coin remaining in a low fluctuation state, as it neither captures the market's excitement anticipated for an open network nor temporarily escapes the potential sell-off pressure that could arise from a large supply entering the market. For pioneer users, the path to realizing future value will continue to depend on whether the project can find an effective balance between security assurances and mainnet openness.