Is there a cause for concern?
A recent post on X (formerly Twitter) raised suspicion that the co-founder of Pi Network, Nicolas Kokkalis, might have become a victim of a hacking attack. In the following lines, we will examine what happened and what every member of the community needs to know.
Hack or Not?
Earlier this week, one of Pi Network’s co-founders, Dr. Chengdiao Fan, announced that the project has deployed new decentralized exchange (DEX) and automated market maker (AMM) liquidity pool features to its blockchains. The tools (initially available only on Testnet) allow Pioneers to experiment directly with token swaps and provide education about DeFi before participating on Mainnet and interacting with real PI tokens.
The update stirred huge enthusiasm across the community, with many members flooding X to celebrate the news. One dubious account, which is not the official one behind the crypto project, also highlighted the key benefits of the development.
Interestingly, Pi Network co-founder Nicolas Kokkalis forwarded the post, sparking speculation that hackers may have breached his X account.
PI users are strongly advised to stay cautious and avoid falling for misleading updates or unverified announcements. To stay safe, they should rely exclusively on trusted sources of information, such as the official Pi Network account on X and other confirmed communication channels managed by the team.
PI Price Outlook
Despite the big Pi Network update and the substantial resurgence of the crypto market, Pi Network’s native token remains in red territory. It has plummeted by 25% on a monthly scale, currently trading at roughly $0.26 (per CoinGecko’s data).
PI Price, Source: CoinGecko
Many community members have started to lose hope that the asset can reclaim its peak levels witnessed at the start of 2025, whereas some important metrics suggest that the pullback might intensify in the short term.
You may also like:
The amount of tokens stored on crypto exchanges continues to rise, which increases the selling pressure. On top of that, millions of coins are set to be unlocked over the next 30 days, giving investors an opportunity to cash out.
PI Token Unlocks, Source: piscan.io
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
