Pi Network suspends wallet payment requests after surge in social-engineering scams
Pi Network has temporarily disabled its wallet payment request feature after a wave of social-engineering scams targeted users with large PI balances. Scammers scanned the public Pi blockchain to locate high-balance wallets, then sent deceptive payment requests impersonating trusted contacts or official accounts. When users approved the requests the tokens were instantly transferred and unrecoverable. The Pi Core Team stressed this is not a protocol vulnerability but user-approval exploitation and has suspended payment requests network-wide while it evaluates safeguards. Community moderators advise rejecting all payment requests. Market context: PI traded near $0.20 at the time of the announcement, pressured by low liquidity and ongoing token unlocks — about 105 million PI were unlocked in December and 134M more are referenced ahead of January, contributing to supply pressure. Daily volumes average $8M–$30M; PI remains well below its $2.99 all-time high and analysts expect a $0.15–$0.25 range unless network usage or confidence improves. Key numbers: single scam wallet reportedly received 838,000+ PI in December; cumulative losses across users likely amount to millions of PI. Relevant keywords: Pi Network, PI token, wallet payment request, scam, social engineering, token unlock, liquidity.
Bearish
The news is bearish for PI in both short and medium term. Immediate impact: suspension of a core wallet feature and reports of large-scale losses reduce user confidence and could trigger sell-side pressure as holders seek to exit or reduce exposure. Publicized scams also deter new users and lower on-chain activity, worsening already low liquidity and amplifying price sensitivity to token unlocks. Supply-side pressure from recent and upcoming large token unlocks (e.g., ~105M in December and referenced 134M ahead of January) further increases downward pressure. Historical parallels: other projects that suffered social-engineering or custodial scams (and paused features) typically saw short-term price declines and prolonged volatility as trust rebuilt (examples: incidents around wallet phishing or centralized platform hacks). Longer term impact depends on Pi Network’s remediation: if safeguards, UX improvements, and transparency restore confidence, the negative effect may fade and price could recover; absent clear fixes, range-bound or lower pricing is likely as liquidity and adoption lag. For traders: expect elevated volatility, potential sell-the-news reactions, and wider spreads; risk management (position sizing, stop limits) is advised until confidence indicators (increased on-chain activity, reduced scam reports, reinstated secure features) improve.