Pi Network Takes Drastic Measure as Scammers Drain Users’ Wallets

Scammers are moving about with desperation to steal from crypto investors. This time, they have targeted holders of Pi, the native token of the Pi Network and draining the wallets of many. This has led to a drastic action by the project’s team.

In an official X announcement on December 30th, the team revealed that scammers have exploited the “payment request” feature of the Pi wallet to steal tokens from several users. As a precaution, the team then suspended the feature to prevent more users from falling for the scams.

How Scammers Stole From Pi Holders

The Pi Network, like any other crypto project has certain features that are peculiar to it. One of such features is the “request payment” feature, which allows users to request payment of a specific amount from other users. The scammers exploited this feature by sending random payment requests to users who unknowingly approved such requests and lost all of their tokens.

In many cases, this kind of scams exploit vulnerabilities in the wallet. However in the case of Pi, the “request payment” feature is a normal feature that is part of the way it functions, yet users fell for the scam. Most of the victims in these scams are also new or inexperienced users who have not yet understood how the wallets work.

To prevent further losses, the team temporarily disabled the feature, making it impossible for such requests to be made. Several Pi holders have confirmed the loss of their tokens through this scam tactic in the last few days, indicating that more users would have fallen for the scam if the feature was not disabled. This raises serious concerns about the future of the crypto industry.

Scams Getting More Common and Sophisticated

This scam attack on Pi is just part of a bigger trend that has become more common recently. Scammers have also become more sophisticated in their attacks, making it more difficult for victims to escape them, even as cryptocurrency is becoming more advanced.

Techgaged recently reported the case of one Canadian scammer posing as a Coinbase customer care agent to steal $2 million from unsuspecting users. Some have also used browser extensions to steal seed phrases that give them access to drain wallets. 

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