Pi Coin had a rough run lately. Prices are low and users are worried as 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.
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. This 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 also, which added to the price instability and weak buying interest.
The analyst 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 it may not drop to those levels again.
