Reinforces security measures for Pi Network users, particularly emphasizing the importance of two-factor authentication (2FA) for wallet safety.
In the ever-evolving world of cryptocurrencies, the Pi Network finds itself in a period of consolidation, trading at 0.3421 USD on September 6, reflecting a 0.7% decline in 24 hours, according to CoinMarketCap. This sideways movement suggests investors should remain cautious and avoid attempting a recovery without new catalysts.
Broader economic factors and global regulatory uncertainty continue to weigh on the crypto market sentiment, affecting Pi as well. The Relative Strength Index (RSI) suggests Pi is in or nearing oversold territory, indicating a potential buying opportunity for some. However, the current price is far from previous highs around 3.00 USD.
The Pi Open Mainnet account published a thread outlining steps to secure Pi wallets, a primary task at hand given the non-custodial nature of these wallets. Users bear full responsibility for protecting their private keys and passphrases. The team leader of Pi Network who issued the warning about wallet security in the community update is Dr. Chengdiao Fan.
The warning underscores Pi Network's broader goal of sensitizing users to the real risks of DeFi. Known risks such as fake websites, fraudulent apps, and misleading emails are highlighted in the warning. Users are advised to trust only two-factor authentication emails originating from official Pi addresses, such as [email protected]. A single mistake, like entering a passphrase on a fake site, can result in permanent loss.
The current phase is being described as low-level consolidation. Daily trading volume ranged between 24 million and 30 million USD, indicating consistent activity but no apparent buying or selling pressure. The token's 24-hour range was 0.3419 USD to 0.3489 USD, suggesting calm market conditions.
Phishing attempts continue to circulate in the crypto sector, often mimicking genuine communications to deceive investors. Transactions in blockchain networks cannot be reversed, once access data is compromised or funds transferred, recovery is impossible. The MACD signal displayed a flat pattern, indicating low momentum in both directions.
For those seeking reliable information, the Pi Safety Center is the most trusted source. Here, users can find official announcements, links to secure resources, and guides on protecting digital assets. The reminder about wallet security serves as a timely reminder for all crypto investors to prioritise the security of their digital assets.
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