May 2024 - PI Network On Polygon Rug Pull - $490k (Global)
"The First Digital Currency You Can Mine on Your Phone. Start mining Pi cryptocurrency today with our free, energy-light mobile app!"
"Pi makes crypto mining easy. Breakthrough tech allows you to mine Pi on your phone without draining your battery."
"Secure, Immutable, non-counterfeitable and interoperable digital money." "Works on your mobile phone and does not drain your battery. Easy to use, secure at scale, without the massive electrical waste."
"PI NETWORK token trading as PI on Polygon" is unrelated to the actual PI Network.
"The PI (PI) on Polygon is suspected of a rug pull, and the current token price has dropped by 100%, causing losses exceeding $490,000."
"This Token Contract is a SCAM. The Warden system based on data from 1.000.000+ SmartContract, this contract has 95% to be a RugPull orHoneyPot!"
Further Analysis
Pi Network is a decentralized blockchain where users can mine on their smartphones using a different consensus algorithm. A token calling itself Pi Network on Polygon was able to amass a large $490k market cap before selling all the liquidity in a series of large transactions. It doesn't appear to have any relationship to the actual Pi Network, and has only existed for several months.
How Could This Have Been Prevented?
More Cryptocurrency Exchange Hacks/Scams/Frauds
Equalizer Exchange Domain Hijacking > > < < Patton Coin Fake Token Rug Pull
Sources/Further Reading
SlowMist Hacked - SlowMist Zone (Dec 31)
https://www.dextools.io/app/cn/polygon/pair-explorer/0x452861b678a479a832ad51125ae2ebbbcadfe068 (Dec 31)
Polygon PoS Chain Transaction Hash (Txhash) Details | PolygonScan
(Dec 31)
Polygon PoS Chain Transaction Hash (Txhash) Details | PolygonScan
(Dec 31)
Polygon PoS Chain Transaction Hash (Txhash) Details | PolygonScan
(Dec 31)
PI (PI) contract is 0x0022167e3b9f409e1ff6bb206ec6b276c372b277 on Polygon | Top100Token (Dec 31)
https://minepi.com/ (Dec 31)
PI on Polygon (Dec 31)
CustomMintableERC20 | Address 0xdbb1570c93ffdbf357736f25a2a946f5a439adc7 | PolygonScan
(Dec 31)
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