Crypto

The Life of Pi Network – FAQs and Everything Else You Want To Know

Published

2 years ago

November 28, 2024

The Life of Pi Network – FAQs and Everything Else You Want To Know

Everybody wants a piece of the pie – the Pi Network, that is. This decentralized cryptocurrency project, which was developed by a team of Stanford graduates in 2019, allows users to mine crypto on their very smartphones.

The objective of the mobile-first concept is to make crypto more accessible and appealing to the masses, especially a broader audience that is new to the blockchain world.

While the idea to democratize currency sounds exciting, how do you go about doing that? Are you eligible? Are there any risks? What do you do with your Pi coins? This article attempts to answer every question you have about this hot topic, and then some.

What is the Pi Network “Mainnet” we keep hearing about?

The Pi Network is a cryptocurrency project that allows users like you to mine digital currency via a smartphone app. Mainnet, which stands for “Main Network”, basically facilitates real cryptocurrency transactions. It enables users to store, receive, and send digital assets on a decentralized and secure network. The launch of the Pi Network Mainnet, which will facilitate transactions on the Pi Network, is expected to happen by the end of 2024, hence the anticipation.

What is the difference between Pi coins, tokens, and IOUs?

The Pi Network has garnered a substantial user base around the world, aptly called “Pioneers”, who have been accumulating “Pi coins” by engaging with the app. These “Pi coins” are the actual digital network currency that is not yet fully accessible or transferable as the Mainnet has not launched. Due to such strong interest in the network, Pi IOUs, often used interchangeably with Pi tokens or Pi IOU tokens, emerged as a more generic representation of the currency.

They are not real Pi coins, but rather speculative or placeholder assets representing a promise by certain exchanges that when the Mainnet launches, they can be swapped for actual Pi coins. Essentially, users are speculating on the future value of Pi before it is officially available, operating as a futures contract of sorts.

So, how do I get the Pi coins or Pi IOU tokens?

The only way to obtain Pi coins is to “mine” them via the Pi Network app on your smartphone and actively participate in the network during this development stage. The app is free to download and use. So, while there are no costs involved per se, the coins cannot be exchanged for any other currency or commodity currently. Hence, the current “value” of any coins that one “mines” is zero.

However, you can buy and trade the Pi IOU tokens on three centralized crypto exchanges currently, namely CoinW, HTX, and BitMart, with the current value fluctuating wildly between USD 60 and 90 in just the last week.

Why am I hearing about KYC in the Pi Network?

When we speak about actively participating in the Pi Network’s current development phase, it involves more than just mining coins. If you want your coins to be worth anything when the Mainnet launches, you need to complete the Pi Network KYC (Know Your Customer) verification.

For obvious reasons, this process requires the applicant to fulfill certain criteria as well as produce a few legal documents. Besides being 18 years or older, applicants need to have original copies of government-issued IDs, like a national ID, driving license, or passport (recommended), as they will be asked to capture pictures of the ID. Moreover, they also need to do a liveliness check via their phone’s camera to match their ID.

Last but not least, they need to have mined Pi coins for a minimum of 30 days, not necessarily consecutively, to apply for this KYC verification. Most importantly, people should note that while the network is open to everyone, the availability, requirements, and eligibility could differ according to location or country. This KYC verification process will allow users to transfer their minted Pi Coins to the Mainnet and allow them to perform transactions using the Pi coins.

Is Pi IOU Worth the Investment?

With the imminent Mainnet launch, the prices of the Pi IOUs have skyrocketed, it presents itself as an exciting opportunity for sure – albeit without any actual coins in hand. However, while everyone is itching to get in on the action, investing in them comes with notable risks and remains highly speculative. Not only are the tokens not guaranteed to maintain or gain value post-launch, but also conversion policies could vary between exchanges.

What’s more, the Pi tokens are currently available only on select platforms, so investors need to stay updated on everything about the Pi Network and trade cautiously.

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Crypto

Certik Unveils ‘Anti-Virus for AI Agents’ as Skill Marketplaces Face Hidden Threats

Published

9 hours ago

May 29, 2026

Press Room

Certik Unveils ‘Anti-Virus for AI Agents’ as Skill Marketplaces Face Hidden Threats

Key Takeaways

The Security Challenge

Blockchain and AI security firm Certik, on May 27, unveiled a new security platform designed to evaluate risks in third-party artificial intelligence (AI) skills. Dubbed the “anti-virus for AI agents,” the release comes amid growing industry concern over the security of AI skill marketplaces.

Security researchers have warned that many of these skills are unvetted, can execute system-level actions and may contain hidden malicious behavior, creating a new software supply chain risk for the AI era. Security audits across the sector have identified risks ranging from credential harvesting and data exfiltration to fund-transfer manipulation and prompt-based override attacks.

Despite these concerns, AI skill marketplaces have expanded rapidly as agent ecosystems mature. However, unlike traditional app stores, most skills are sourced from public repositories with little or no review. Analysts say this creates opportunities for attackers to embed harmful instructions, trigger unauthorized data access or manipulate autonomous execution flows.

In a recent blog post, Certik said its skill scanner platform is designed specifically to evaluate risks that emerge during execution, including scenarios involving financial transactions or fund calls. The scanner produces a numerical score from 0 to 100, along with “pass,” “warn” or “fail” verdicts and categorized findings. According to the company, the system achieves up to 90.5% precision in identifying security risks.

“As AI agents become more deeply integrated into financial systems, enterprise workflows and everyday digital interactions, the security model around third-party skills becomes critically important,” said Ronghui Gu, Certik’s CEO and co-founder. “CertiK Skill Scanner was built to establish a standardized trust layer before execution, helping users and platforms identify hidden risks before sensitive data, assets or systems are exposed.”

Certik said AI skill marketplaces can integrate the scanner directly into publishing pipelines, automatically reviewing skills before they go live and displaying security verdicts to users. Enterprises can deploy the tool as part of internal compliance and risk-management workflows, while independent developers can use it to self-audit skills before publishing.

The company said future updates will allow everyday users to scan skills themselves before installation. The scanner has already been deployed in select Web3 AI agent infrastructure environments. Certik is also expanding integrations with additional platforms, including Finchip.ai.

“Trust is the prerequisite for any skill economy to function at scale,” said Gary Yang, incubation investor at Finchip.ai. “CertiK’s work on skill security verification is exactly what this ecosystem needs. It’s what makes Finchip’s mission of programmable skill ownership and distribution worth building.”

The launch follows Certik’s expansion into AI-focused security infrastructure. Earlier this year, the company introduced its AI Auditor initiative to address risks tied to autonomous systems and AI-driven execution environments.

“AI applications are moving toward increasingly autonomous execution, which creates a new category of security and trust challenges,” Gu said. “We believe security infrastructure for the AI era must function proactively, not reactively.”

Crypto

FBI Seizes Over $8 Billion In Cryptocurrency As Part Of The Largest Forfeiture In US Government History

Published

21 hours ago

May 28, 2026

Press Room

FBI Seizes Over Billion In Cryptocurrency As Part Of The Largest Forfeiture In US Government History

iStockphoto composite

The FBI seized over $8 billion in cryptocurrency, freed nearly 2,000 trafficked workers, and arrested nearly 300 people in a recent international operation.

As part of the operation, authorities shut down several “scam compounds” and crime organizations, including groups known as the Prince Group in Cambodia, Operation Sand Dollar in Dubai, and the Democratic Karen Benevolent Army in Myanmar.

“Scam compounds are modern-day criminal enterprises built to steal from Americans, launder money, and exploit trafficked workers,” FBI director Kash Patel wrote on X announcing the results of the operation.

Fox News reports that the U.S. The Democratic Karen Benevolent Army, an armed militia named after a region in Myanmar that is allegedly connected to the Chinese mob, faces sanctions imposed by the U.S. Treasury. The government has classified it as a transnational criminal organization.

Images from an operation in Thailand reveal that the FBI confiscated office supplies and thousands of smartphones.

seized-devices-from-an-FBI-anti-scam-operation-in-Thailand — FBI

The FBI in Dubai will extradite six of the 275 individuals they and local police detained there to the United States to face federal charges, according to the FBI. The authorities raided nine “scam compounds” in Dubai, each allegedly generating $6 million in fraud proceeds annually.

Cryptocurrency scams in the US reached a record high in 2025

In April, an FBI report revealed that cryptocurrency scams in the U.S. reached a record high in 2025, with reported losses of almost $11.4 billion. According to the FBI, cyber-enabled crimes defrauded Americans of almost $21 billion in 2025, with the costliest complaints involving cryptocurrency and artificial intelligence (AI).

“The FBI’s 2025 Internet Crime Complaint Report highlights the ever-evolving tactics of internet scammers,” the FBI’s Baltimore office wrote on X. “From fake social media profiles to voice cloning and AI-generated content, cyber criminals are evolving.”

The Internet Crime Complaint Center (IC3) received over one million complaints in 2025, up from 859,532 in 2024. The most common complaints were about investment schemes, extortion, and phishing/spoofing.

Crypto

US-Iran Escalation Pushes Bitcoin to $72,622 as $870M Long Bets Collapse

Published

1 day ago

May 28, 2026

Press Room

US-Iran Escalation Pushes Bitcoin to ,622 as 0M Long Bets Collapse

Key Takeaways

Geopolitical Escalation Triggers Crypto Sell-off

Bitcoin plunged below $73,000 early Thursday following reports of fresh U.S. military strikes inside Iran. Market data shows bitcoin tumbled to a multi-week low of $72,622—its lowest level since April 13—before staging a modest recovery back to $73,000. This downturn continues a weekly bearish trend, contrasting sharply with broader global markets that had previously rallied on optimism for a permanent peace agreement between the U.S. and Iran.

The sharp decline pushed bitcoin’s daily losses to 3.6%, dragging its market capitalization down to $1.46 trillion and pulling the aggregate crypto market cap below the $2.6 trillion threshold. Since May 25, when bitcoin last attempted to test the $78,000 resistance level, the asset has shed over 6% of its value. Despite kicking off May on an upward trajectory, this latest price action positions the cryptocurrency to close the month in the red.

Retaliatory Strikes Threaten Peace Talks

According to reports, the latest U.S. military strikes targeted a strategic site in the Iranian port city of Bandar Abbas. In retaliation, Iran’s Islamic Revolutionary Guard Corps (IRGC) reportedly launched strikes against a U.S. military base in Kuwait, where local authorities confirmed that air defense systems engaged incoming missiles and drones.

This escalation comes just days after the U.S. military struck Iranian naval vessels and an alleged missile launch site in Bandar Abbas, citing self-defense. Iranian forces responded at the time by downing U.S. drones. Notably, these hostilities unfolded while U.S. and Iranian negotiators were actively convening in Qatar to finalize a peace agreement. While the Trump administration initially downplayed the earlier friction to keep diplomatic channels open, this latest exchange will likely torpedo the talks and embolden hardliners on both sides who oppose a negotiated settlement.

Meanwhile, the decline in bitcoin and the broader cryptocurrency market resulted in the liquidation of more than $930 million in leveraged positions. Coinglass data showed that liquidations on bitcoin alone topped $366 million, with wiped-out long bets accounting for $348 million of that total. Overall, the market saw $870 million in long positions wiped out over 24 hours.