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Project Review: Pi Network, a New Scam Project in Town

MNabilAli

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Lately, we have been receiving a lot of spamming referral links to join a new cryptocurrency project called “Pi Network”. I have decided to give it a try and to check their official website and to install Pi Network App on an Android Emulator to test it out.

According to Pi Network official statement: Pi is a new digital currency. This app allows you to access and grow your Pi holdings and serves as wallet to host your digital assets. Pi is fairly distributed, eco-friendly and consumes minimal battery power.

At the time of writing, Pi Network has over 3.5+ million engaged pioneers (Mobile App miners), 28.5K followers on Twitter, 97K likes on Facebook and 128K followers on Instagram.

Pi Network’s website is suspicious

On first impression, PI network’s website looks poorly designed and contains some inaccurate technical information. They claim that PI network is “The First Digital Currency You Can Mine On Your Phone“, and that is not true. Some older legit crypto projects such as uPlexa (UPX) and Electroneum (ETN) are using Mobile Apps to mine crypto coins.

Pi Network’s Website

When you’re looking into digital cryptocurrency companies and startups, experts recommend that you confirm that they’re blockchain-powered, which means they track detailed transaction data. in our case Pi Networks’ website dose not contain a working Blockchain explorer link, no project announcements, no technical white paper and no links to a github page.

Statements like “Better than Bitcoin” and “The real Bitcoin” has been proven over and over again to be a classic scam and its sad that people still fall for it.

Pi Network’s mobile App is also suspicious!

Pi Network’s App on Google play has a lot of fake reviews and all written written by users who only does it to spam their referral links. Yet, the app is rated 4.9 stars and has more than one million active installs and over 43k reviews!.

Pi App

The App requires so many permissions

unlike any other crypto apps, the Android version of Pi Network app requires so many permissions. Installing Pi Network App on your phone will allow the app to access:

Device ID & call information:
read phone status and identity.
Storage & Photos/Media/Files:
read the contents of your USB storage
modify or delete the contents of your USB storage
Phone:
read phone status and identity.
Contacts:
read your contacts
Wi-Fi connection information:
view Wi-Fi connections
Other:
receive data from Internet
run at startup
full network access
prevent device from sleeping
draw over other apps
view network connections
control vibration

Draw over other apps is incredibly dangerous, the app can easily steal passwords. It can present messages as if they’re from other apps or read those messages.

Invitation code is required in order to start using Pi Network App

Once you install the app, you will not be able to use it without a valid invitation code. This is a live example of pyramid schemes and click baiting scam projects which are “viral social applications” that lure people with the promise of profit by recruiting more members so they can increase their mining power.

When you start the app, you will be “mining” at the rate of 0.25 Pi per hour. You will need invite a lot of your friends to increase your mining power/hashrate. The more people sign up using your affiliate code the more mining power you will get.

You need to activate the miner (app) every 24 hours. Pretty unproductive and inconvenient I would say, though you get a notification reminder to turn the miner on.

After testing it for 24 hours, i can say The Pi Network app is not a real crypto miner. Its just an airdrop app that gives you a tiny piece of a massive, but unknown amount Pi per-mined coins.

Pi Network App security issues

PI Network app is sending network packets to a third party domains “socialchain.app” and “rayjump.com”, which is a weird behavior.

Quora user claims losing funds after using the App

Midas Tricone has claimed on a Quora post that he lost some funds from his banking account after installing and using Pi Network App

My final conclusion about PI Network

Pi Network is pyramid scheme scam project and has nothing to do with crypto mining. You must avoid it.

Daily cryptocurrency trader, miner, technology enthusiast and a full time IT and security consultant. If you have any questions or comments please feel free to email him at nabil@wibbic.com

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P2P NFT Trading Platform Faces Breach: Users Urged to Take Immediate Action

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NFT Trader, a peer-to-peer (P2P) trading platform, recently experienced a security breach leading to the unauthorized transfer of significant NFT assets. The attacker, identified as 0x90…8fda, successfully made off with 37 Bored Ape Yacht Club (BAYC), 13 Mutant Ape Yacht Club (MAYC), 4 World of Women, and 6 VeeFriends NFTs, collectively valued at 1,080 ETH (approximately $2.4 million). Users are strongly advised to promptly revoke any authorization granted to the platform.

Initial reports, shared by Chinese crypto news reporter Colin Wu on social media, indicate that the pilfered NFTs were sent to the address 0x909F2159780e64143CF08f32dBBF56Ed19478fda (link to tweet). An on-chain message from the address holder, claiming the role of a “scavenger,” refutes allegations of hacking the P2P trading platform. Instead, they assert rescuing the NFTs with the intention of returning them.

Further information reveals that the alleged real hacker’s address is 0x3dc115307c7b79e9ff0afe4c1a0796c22e366a47b47ed2d82194bcd59bb4bd46.

NFT Trader has acknowledged the security incident and disclosed that the attack targeted old smart contracts. In response, the platform is advising users to remove delegations via Revoke.cash from the following addresses:

  • 0xc310e760778ecbca4c65b6c559874757a4c4ece0
  • 0x13d8faF4A690f5AE52E2D2C52938d1167057B9af

Despite being relatively unknown among NFT traders, NFT Trader’s website identifies its CEO as John Pak, collaborating with co-founders Mattia Migliore and an individual using the pseudonym “Bruckzr” (link to tweet).

On social media, an NFT collector (@dingalingts) has urged traders to “revoke approval to their contract ASAP” for those who have engaged with NFT Trader previously. The stolen digital assets, which exceed $2 million in value, include 37 BAYC, 13 MAYC, 4 World of Women, and 6 VeeFriends.

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Uphold Exchange Announces Evernode Airdrop for XRP Holders

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Uphold exchange has revealed its support for the upcoming Evernode Airdrop. The airdrop, exclusively for XRP holders, promises to reward participants with EVRS tokens.

The Evernode Airdrop: What You Need to Know

Scheduled for September 1, 2023, at 6:00 PM AEST (8:00 AM UTC), the Evernode Airdrop snapshot is poised to capture the XRP holdings of participants. This snapshot is a pivotal moment as it forms the basis for determining the proportion of EVRS tokens that qualifying XRP holders will receive. It’s important to note that this snapshot will consider XRP holdings up to a limit of 50,000 XRP tokens, ensuring a level playing field for all participants.

The fairness and equality of the distribution process is a core principle of this airdrop. Uphold is keen on ensuring that participants receive EVRS tokens in a manner that reflects their XRP holdings accurately. This approach not only promotes inclusivity but also reflects Uphold’s dedication to creating value for its user base.

Factors Influencing Airdrop Date and Availability

While the snapshot is scheduled for September 1, the airdrop date itself remains contingent on various external factors. Particularly, the launch of the new Xahau Network holds sway over the timeline. Uphold is steadfast in keeping its users informed about any updates regarding the airdrop’s timeline. Participants should be aware that initial access to EVRS tokens on the Uphold exchange might be limited. Uphold’s stringent listing criteria and liquidity requirements must be met before the tokens become fully tradable.

Qualification and Distribution Process

Participating in the Evernode Airdrop is refreshingly straightforward. To qualify, users need only hold XRP in their Uphold accounts at the time of the snapshot. The distribution of EVRS tokens to eligible participants will occur once the Evernode project finalizes the airdrop date and completes the process. This ensures that participants who met the qualification criteria during the snapshot will receive their rightful share of EVRS tokens.

Exploring Ripple XRP: A Unique Blockchain Perspective

As the Evernode Airdrop garners attention, it’s an opportune moment to delve into Ripple XRP’s distinct blockchain characteristics. Unlike many other cryptocurrencies, XRP is not mined. Instead, all 100 billion XRP tokens were created when the blockchain was established. This approach fosters stability and predictability within the XRP ecosystem.

One of XRP’s primary use cases is its role as a bridge currency for cross-border transactions. Ripple’s network and technology enable seamless and efficient cross-border payments, transcending the limitations of traditional systems. The platform’s speed and low transaction costs position it as a viable alternative to conventional remittance methods.

Additionally, XRP’s consensus mechanism deviates from the energy-intensive proof-of-work (PoW) approach used by Bitcoin. XRP employs the consensus protocol to validate transactions, enabling faster transaction settlement times and energy efficiency.

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Vietnam’s Crypto Crackdown: Authorities Investigate Pi Network

MNabilAli

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Vietnamese authorities have launched an investigation into the activities surrounding the Pi cryptocurrency, citing concerns over its complex and unregulated nature. The Department of Cybersecurity and High-Tech Crime Prevention expressed apprehension regarding the high-income potential and multi-level marketing resemblances associated with cryptocurrency models like Pi.

According to Vietnam Express, the investigation aims to address the risks posed by such ventures and protect investors from potential fraud and data breaches. This article delves into the recent developments surrounding the Pi cryptocurrency in Vietnam and the concerns raised by authorities.

Le Xuan Minh, the head of the Department of Cybersecurity and High-Tech Crime Prevention, highlighted the increasing complexity and unmanaged nature of cryptocurrency models like Pi. He noted instances where individuals have been coerced by cryptocurrency promoters into participating in business models resembling multi-level marketing schemes. Multiple police forces across localities are actively investigating activities related to the Pi cryptocurrency. Authorities caution the public against investing in cryptocurrency models offering abnormally high profit margins or employing multi-level marketing strategies due to the associated risks.

The Pi Network, which emerged in 2019, experienced a surge in popularity in Vietnam during 2021. However, concerns have been raised regarding the lack of transparency exhibited by the cryptocurrency. Experts in the field of blockchain have emphasized the potential for Pi to be misused for fraudulent activities or unauthorized data collection. Despite these concerns, many individuals still hold faith in Pi, often under the assumption that they have nothing to lose by participating. However, they unknowingly expose themselves to the risk of personal data theft.

Cryptocurrencies are not recognized as legal tender in Vietnam. Engaging in activities such as issuing, trading, or using cryptocurrencies for payment can lead to penalties of up to VND100 million (US$4,240). The ongoing investigation into Pi cryptocurrency serves as a reminder that individuals should exercise caution when participating in unregulated crypto ventures.

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