Pi Network Crisis: Password Leak Triggers Alert and 6M PI Token Sell‑Off

• Pi coin is trading at $0.5610 after dropping by 6.23% in the past 24 hours, and its trading volume surges by 65%.
• Over the past 24 hours, around 6.11 million Pi tokens were sent to exchanges, while 3.8 million were removed.

Pi Network has sparked curiosity and amassed a global user base, but it hasn’t been without controversy. Over the years, the project has faced mounting questions about transparency, delayed milestones, and skepticism over whether it can deliver on its promise of a decentralized. A fresh concern has emerged.

PiChain Global, through its X account, issued a red alert regarding a potential password leak that could compromise Pi account security. According to the alert, there’s a risk that leaked credentials could be used to launch malicious attacks via the Pi Browser, potentially resulting in stolen assets. In response, the platform has advised users to take immediate steps to secure their PCM accounts.

To stay on the safe side, users are being advised to take a few extra steps. First, download the official PCM Wallet either from the App Store or Google Play. Once it’s installed, sign up using a secure email address, preferably one you don’t use elsewhere. But don’t rush to link or merge accounts just yet. The team recommends that you complete the KYC (Know Your Customer) process inside the app first. After that’s done, send a quick email from the address you registered with to prm@pichainmall.com. Use “Bind Email” as your subject line, and follow the instructions they give you from there.

Pi Network made its debut with a rather refreshing idea: let anyone mine crypto straight from their phone, no fancy hardware or tech knowledge required. It was co-founded by Stanford grads Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, and, in the early days, Vincent McPhillip.

Over 50 million people have downloaded the Pi app and are tapping away every day to mine Pi tokens. But lately, the network has drawn some concern. Recent developments and unusual token movements have left parts of the community a little uneasy.

Token Movements

In the past 24 hours alone, traders deposited over 6.1 million Pi tokens into exchanges and withdrew around 3.8 million, contributing to a significant shift in market momentum. According to data from Pi Scan, the total outflow from exchanges hit more than 8.2 million tokens, resulting in a net flow decrease of roughly 1.08 million Pi. The token’s price has also reflected growing volatility, dropping by 6.09% in the last 24 hours to $0.5618, and down over 12% in the past week.

Despite boasting a hefty $4.18 billion market cap, Pi Coin is riding a wave of intense activity, with its 24-hour trading volume skyrocketing by 65% to surpass $105 million. For Pi to regain its bullish spark, the milestone is clear: reclaiming the $0.92 mark. That level has now become a critical resistance zone; if the bulls can break through it, it could open the door for a potential rally toward $3.

There’s a real risk of further downside. If Pi fails to hold the $0.40 Support, the price could spiral down to the next key zone around $0.20, dragging sentiment even lower. Adding more pressure to the situation is a looming unlock event. Over the next month, 336.7 million Pi coins, roughly 6.45% of the total locked supply, are scheduled to be unlocked.

There’s still a flicker of optimism within the Pi Network community. One of the drivers is the rumor that Pi could be listed on Binance. If that happens, it could trigger a sharp price spike, possibly even a short squeeze. Another event on the horizon is Pi2Day, happening on June 28. This is an annual celebration set aside to celebrate the progress of the Pi ecosystem, and the core team has a history of making announcements during the event.