As Pi Coin Dips, Pi Network Rolls Out Major Security Overhaul

The Pi Coin price dipped 22% this week, continuing a broader downturn as the price is now down over 65% on a monthly chart.

Pi Network, the mobile cryptocurrency mining platform, is making changes to its account security system to enhance user protection and streamline account management.

Until now, Pi accounts used phone numbers as unique identifiers. While this approach seemed convenient initially, it created several problems. SMS verification through phone numbers proved both unreliable and expensive, especially with the global nature of the Pi community.

Due to varying telecommunications regulations, carrier policies, and service limitations across different regions, text message communications between users and servers frequently failed. This posed a significant challenge for critical system notifications and user actions.

Moreover, phone numbers were easily transferable, presenting vulnerabilities for account takeover attempts.

To address these challenges and align with the network’s current stage, which includes more reliable verification methods like KYC and liveness checks, Pi Network is transitioning to email-based two-factor authentication (2FA).

This change not only improves the efficiency of account management but also increases overall security with its two-factor approach, especially relevant in today’s rapidly evolving cyber landscape.

For this transition to work, every user needs to have a verified email address on file. However, this presents challenges as many users never added an email to their accounts, entered incorrect ones, lost access to previous emails, or shared email addresses with family members who also have Pi accounts.

Since adding an email wasn’t required during account creation, and this represents a major shift in security protocols, Pi Network needed to conduct thorough analysis before allowing user migrations.

They examined how users added and verified email addresses and completed 2FA to ensure account security integrity. In some cases, additional verification steps like liveness checks or SMS verification were required.

This process necessitated a temporary pause in account migrations. Now, Pi Network has announced that migrations have resumed and will gradually expand as more users complete email-based 2FA verification and system-level checks.

The network emphasizes its commitment to a seamless and secure transition and appreciates user patience as these account security improvements are implemented across the platform.