Warning: Pi Network scam wallets are conducting a bank run, users should be cautious.

The Pi Network community is on high alert after an administrator discovered a fraudulent cryptocurrency wallet linked to multiple Pi token thefts. The incident comes at a critical time as the project prepares for a potential second token migration and simultaneously enhances wallet security through upgrades such as PassKeys.

Scam Wallet Exposed

In a recent post on X, an administrator of Pi Network identified a suspicious wallet that was withdrawing tokens from unsuspecting users. The scammer took advantage of account unlocks, then dispersed the stolen assets into hundreds of smaller wallets to cover their tracks. A Pioneer member also publicly shared an example of this attack to warn the community about the sophistication of scams on the main chain of Pi.

One of the common tactics is the fake airdrop. Victims often receive a fake message celebrating Pi's 6th birthday, asking them to connect their wallet to receive "instant cryptocurrency rewards." When users enter their password, the entire amount of Pi in the wallet is immediately withdrawn. The attacker not only takes the current balance but also has the ability to transfer all data and digital assets to multiple other wallets, making tracing nearly impossible.

New Security Mechanism: PassKeys and Safety Center

In response to this threat, the core team of Pi Network has implemented several important security measures. The highlight is PassKey, an advanced wallet locking mechanism that helps users protect their assets even if their passwords are compromised. PassKey combines device-level authentication, including biometric (fingerprint, facial ) recognition, and PIN code, ensuring that only the true owner has access.

In addition, the Pi Safety Center is established as an essential resource, providing:

• The contact information has been verified
• Detailed asset protection guide
• How to report suspicious transactions and wallets

The Pi Network team emphasizes that wallet security is a vital factor in the Web3 environment, and users need to be extremely vigilant against airdrop campaigns, giveaways, or announcements from unofficial sources.

Prepare for the second token migration

New security measures are becoming increasingly important as Pi prepares for its second token migration. The first migration left many unresolved issues, such as referral bonuses and unverified balances. The new migration is expected to address these issues while encouraging more Pioneers to participate in the ecosystem.

Currently, the price of the Pi token is trading sideways around 0.34 USD, although analysts expect stronger volatility after Pi is listed on Onramp Money. Meanwhile, Pi Network has reached 60 million active users, but only 16 million wallets have been moved, leaving about 44 million wallets in a temporary state. At the current rate, many are concerned that it may take up to a decade before all Pioneers can fully use their Pi Coins.

PI Price Chart | Source: TradingViewThis incident serves as a strong warning to the entire Pi Network community: even though cryptocurrency is thriving, the risks of sophisticated scams remain present. Users need to combine personal security measures with the official tools of the network to protect their digital assets, while also adhering to maximum vigilance before any unverified transactions and links.

Taylor