Pi Coin Under Pressure: Security Concerns Rise as Price Hovers Near Lows

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Pi Coin has had a rough run lately. Prices are low, and users are worried as new concerns have emerged about wallet security. Analyst Dr Altcoin pointed out in a recent X post that some Pi users are reporting compromised wallets and stolen passphrases. He notes that this is a serious issue and the Pi Core Team needs to address it.

Analyst Proposes Multi-Factor Authentication

According to him, relying solely on a passphrase to access a Pi wallet is a major security risk. If that passphrase is stolen or leaked, anyone can access the wallet and drain the funds. To fix this, he proposes implementing Multi-Factor Authentication (MFA) for Pi wallets. He suggests adding a second layer of protection, like fingerprint or biometric verification, after the passphrase is entered.

This would add much-needed protection and prevent unauthorised access. It could dramatically reduce the theft of risk and would help keep Pi wallets secure as the network continues to grow.

Pi coin is currently trading at $0.4409, down 0.1% in the last 24 hours. Pi Coin is facing strong bearish pressure lately. The market sentiment has turned negative for Pi Coin, especially throughout July. There were major token unlocks that have further added to the price instability and weak buying interest.

Dr Altcoin expects Pi coin’s price to start rising organically by the end of August. Previously , he noted that Pi dropping to the $0.40 range was likely its bottom. With less Pi expected to unlock by late August, he believes that it may start rising soon, and may not drop to those levels again.

Binance Rumors Heat Up

Lately, there have been growing speculations in the Pi community over a potential Binance listing. Users have spotted two new options in the Help section: Binance Connect Support and Binance P2P Support. Although this does not confirm anything, many see it as a sign that Pi Network may be preparing for a major move.