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Pi Thefts Are Frequent! What Can You Do Right Now?

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The cryptocurrency project “Pi Network,” which has been attracting attention in recent years, has seen a series of reports of frequent theft incidents after the mainnet migration. This article provides a detailed explanation of the current reported damage, its causes, and the measures users should take.

What are the Theft Incidents Occurring on Pi Network?

On Pi Network, after the mainnet migration, there has been a global surge in reports from some users on community sites and Pi app chats stating that “funds were moved from my wallet without my knowledge.” Specifically, cases where funds are sent to suspicious addresses immediately after unlocking the wallet or appearing in transaction history are frequent.

“Even though I didn’t touch my wallet, all my coins disappeared overnight.” (Victim’s Voice)

For example, in December 2024, a user reported that all their coins disappeared overnight, even though they did not recall clicking on any suspicious links.

Possible Causes of the Damage

The main causes considered at this time are as follows:

  • Passphrase Leakage: Some suggest the possibility of information leakage from the iPhone’s Notes app. However, this theory remains a rumor and has not been confirmed.
  • Access to Suspicious Sites: There have also been reports of cases where a small amount of Pi was sent to a Pi wallet without the user’s knowledge, and the user accessed a link provided there and entered their passphrase.
  • Insufficient Security Settings: The lack of additional security features such as two-factor authentication in the Pi wallet is also considered an issue.
  • Blockchain Transparency: Since the wallet unlock time is publicly available on the blockchain, there is a possibility that attackers may exploit this.

Measures to Prevent Theft

The measures proposed by the Pi Network community and moderators are as follows:

1. Create a New Wallet

If there is a possibility that the passphrase for your existing wallet has been leaked, it is recommended to create a new wallet and set a new passphrase. It is also important not to access suspicious links. If you put Pi back into a leaked wallet, it is highly likely to be stolen again. Be sure to create a new one and store your Pi there.

How to Create a Pi Wallet

2. Utilize the Lockup Feature

After the mainnet migration, you can prevent unauthorized transfers by locking up assets within your wallet. After the lockup period ends, quickly send the funds to a new, secure address.

Pi Wallet’s New On-Chain Lockup: Boost Your Mining Rate!

3. Migration to External Wallets

Moving assets to a trusted external wallet or exchange is also an option. However, complete safety is not guaranteed even with this method.

Expectations for the Pi Network Operations Team and Future Challenges

This theft incident presents significant challenges for the Pi Network operations team. The following improvements are particularly needed:

  • Introduction of Two-Factor Authentication: Strengthening protection for user account and wallet access.
  • Speeding up KYC (Identity Verification): Strengthening support for users who have not completed KYC.
  • Fraudulent Address Freezing Function: A mechanism to prevent transfers to clearly fraudulent addresses.

As an administrator, I also hope that two-factor authentication will be introduced.
Continuing to hold locked-up Pi without knowing if your wallet is being targeted is nothing but anxiety-inducing. I thought of an idea to try buying listed Pi and putting it in my wallet to see if it gets stolen, but trying it with the premise of it being stolen is foolish, and even if it were stolen, there are currently no countermeasures, which is frustrating. With so many reports of theft, it makes one anxious.

Summary: Warning to Users

Pi Network is a project that will continue to attract attention, but its transparency also comes with security risks. Users themselves need to be aware of the following points and take safety measures:

Refer to the measures introduced in this article to protect your valuable assets.

What to do if you realize you lost your passphrase during Pi Network KYC

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How to Create a New Wallet Before Transferring Pi

After passing KYC in Pi Network, there is a process to link it with the wallet you own. We wrote this article because many people lose their wallet passphrase during this process and ask for help in chats. If it’s before transferring Pi, you can create a new wallet and transfer it to the new wallet. If you lose your passphrase, create a new one, store the passphrase securely (setting up biometric authentication is also recommended), and then proceed with the transfer. If you forget it after transferring Pi, due to the nature of cryptocurrency, it cannot be recovered. Please store your wallet phrase very carefully.

Steps to Create a Wallet

You can create a new wallet using the Pi Browser. When you create a new wallet, a new passphrase will be generated. It is very important to store this passphrase securely.

Existing Wallet and New Wallet

If you have an existing wallet, accessing it requires the original passphrase. If you create a new wallet, it will be treated as a separate entity.

Security Check

Before creating a new wallet, download the Pi Browser from an official source and ensure your security settings are up to date.

Based on the above, it is possible to create a wallet even after transferring Pi, but when managing multiple wallets, special attention is required for passphrase management and security.

Passphrase Loss Issue for KYC-Passed Users and How to Deal With It

Losing the passphrase is a major problem for users who have passed KYC (Know Your Customer) in Pi Network. You will lose all the Pi you worked hard to obtain. Below, we explain how to manage your passphrase and what to do if you lose it.

Measures to Prevent Passphrase Loss

  • Secure Storage: Write down your passphrase on paper and store it in a safe place. We also recommend using a password management app or storing multiple physical copies in different locations.
  • Create Backups: Always create a backup of your passphrase in case your device is lost or damaged.
  • Utilize Biometric Authentication: You can enable facial recognition (Face ID) or fingerprint authentication to simplify access to your wallet. However, biometric authentication is not a substitute for the passphrase, so the passphrase itself must also be stored securely.

What to Do If You Lose Your Passphrase

  • Cannot Be Reissued: The Pi Network passphrase cannot be reissued. If lost, you will lose access to your wallet. Store your passphrase while you still know it.
  • Login with Biometric Authentication: If you have set up biometric authentication yourself, you may be able to access your wallet using that method. This may eliminate the need to re-enter your passphrase.
  • Create a New Wallet: If all other methods fail, creating a new wallet is the last resort. In this case, a new passphrase will be generated, so please store it securely.

It is extremely important to handle your passphrase carefully from the beginning.

Summary

In Pi Network, managing your wallet and passphrase is very important. When creating a new wallet, be sure to store your passphrase securely and create backups, and also pay attention to its relationship with your existing wallet. Furthermore, taking measures to prevent losing your passphrase is key to securely managing your cryptocurrency.

How to Create a Pi Wallet

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Steps

Before accessing your Pi Wallet, please download the new “Pi Browser” app from the iOS App Store or Android Play Store. Make sure to download the “Pi Browser” developed by Pi Community Company. To download the correct app, you can also follow the steps below later.

  1. Open the Pi Network mining app (the Pi mining app you normally use).
  2. Go to the menu ☰ in the top left and select “Pi Browser”.
  3. Read the instructions and tap the “SIGN IN TO PI BROWSER” button.
  4. If Pi Browser is installed, it will automatically open and sign you in. If not, you will be taken to the app store to install and open Pi Browser.
  5. For some Android users, the link may open in your phone’s default browser instead of Pi Browser. In that case, you will need to manually open the Pi Browser app.
  6. The easiest way to sign in to Pi-related apps on Pi Browser is by using the mining app as instructed in the last step. However, you can also sign in directly to Pi Browser independently. In that case, type mine.pi in the Pi Browser URL bar, select “Use other sign-in methods”, and enter your Pi Network credentials.
  7. Once you are signed in to Pi Browser, you will see a welcome page with a “wallet.pi” icon.
  8. Click on the “wallet.pi” icon.
  9. Click on “GENERATE WALLET”.
  10. Please save your passphrase in a safe place. You can make it accessible only on your smartphone via fingerprint authentication for Android or Touch ID/Face ID for iOS, or copy and save it in a secret safe place. The passphrase is like a long string “password” that serves as the private key for your crypto wallet. If you lose this key, you will lose access to your wallet and will not be able to recover it. Therefore, do not lose your passphrase and make sure no one else can access it.
  11. If you did not set up biometric authentication when creating your wallet, you will need to use “UNLOCK WITH PASSPHRASE” to set up biometric login (e.g., fingerprint or facial recognition).

How to Use Your Pi Wallet

Once you log in to your Pi Wallet, you will see the balance page. A new wallet contains 100 Test-Pi. Test-Pi is not real Pi, has no value, and is for testing purposes only.

  • To send Test-Pi, tap the orange “SEND” button. On the Test-Pi sending page,
    1. In the “Recipient Address” field, enter the wallet address of the person you want to send Test-Pi to. (A new feature will be added in the future that allows you to send Test-Pi using only the username)
    2. In the “Amount” field, enter the amount of Test-Pi you want to send.
    3. The “Fee” field is set to the current minimum fee on the Pi Testnet, 0.01 Test-Pi, by default. You can increase the fee if you want to prioritize your transaction during high traffic.

Note: Your wallet balance cannot go below 20 Test-Pi. Transactions that would result in a balance less than 20 Test-Pi will fail. Instructions on how to request additional Test-Pi are located below the “Receive” button.

  • Tapping the “History” link will show you the history of all incoming and outgoing transactions from your wallet. The same transaction history is also recorded on the Pi Testnet blockchain.
  • Tapping the “Settings” link will allow you to associate a biometric authentication login solution with your wallet (if you haven’t already). E.g., you can use fingerprint authentication (Android) or Touch ID/Face ID (iOS) to access your passphrase and log in to your wallet.
  • To find your passphrase, tap the “SHOW” button. Do not share your passphrase with anyone and keep it secret.
  • To see your wallet address, click the “Receive” button.
    Currently, you can copy and share your wallet address. For example, you can paste it into a text or email message and send it. In the future, a feature will be added that allows you to share your wallet address via social media, email, etc., using the “SHARE” button. Since the blockchain is public, revealing your wallet address does not compromise the security of your wallet.
  • If you have sent all your Test-Pi and want to continue testing transactions, you can tap the link at the bottom of the Send or Receive page to request an additional 100 Test-Pi. This option is available every 48 hours and is only valid if your balance is less than 50 Test-Pi.