Azoundria: Created page with "{{Imported Case Study With About|source=https://www.quadrigainitiative.com/casestudy/pinetworkonpolygonrugpull.php}} {{Unattributed Sources}} PI Network Logo/HomepagePi 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...."

2024-09-17T19:32:40Z

Created page with "{{Imported Case Study With About|source=https://www.quadrigainitiative.com/casestudy/pinetworkonpolygonrugpull.php}} {{Unattributed Sources}} thumb|PI Network Logo/HomepagePi 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...."

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{{Imported Case Study With About|source=https://www.quadrigainitiative.com/casestudy/pinetworkonpolygonrugpull.php}}
{{Unattributed Sources}}

[[File:Pinetwork.jpg|thumb|PI Network Logo/Homepage]]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.<ref name="slowmisthackedarchive-14117" /><ref name="dextools-14125" /><ref name="polygonscan-14126" /><ref name="polygonscan-14127" /><ref name="polygonscan-14128" /><ref name="top100token-14129" /><ref name="minepi-14130" /><ref name="tradingstrategy-14131" /><ref name="polygonscan-14132" />

== About PI Network ==
"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."

== The Reality ==
"PI NETWORK token trading as PI on Polygon" is unrelated to the actual PI Network.

== What Happened ==
"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."
{| class="wikitable"
|+Key Event Timeline - PI Network On Polygon Rug Pull
!Date
!Event
!Description
|-
|November 1st, 2023 2:48:25 AM MDT
|Contract Created
|The PI token smart contract is first created.
|-
|May 13th, 2024 5:59:47 PM MDT
|Rug Pull Starting
|9,215 PI are swapped for 200,973.860478983658588059 MATIC on QuickSwap, the first of many rapid large sale transactions.
|-
|May 13th, 2024 6:18:13 PM MDT
|Rug Pull Completion
|92,150 PI are swapped for 20,945.483435348183787751 MATIC on QuickSwap, as the final rapid large sale transaction.
|-
|May 30th, 2024 3:36:38 AM MDT
|SlowMist Analysis
|The token is analyzed and added to the SlowMist list of incidents.
|}

== Technical Details ==
This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

== Total Amount Lost ==
The total amount lost has been estimated at $490,000 USD.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
"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!"

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?
== Individual Prevention Policies ==
{{Prevention:Individuals:Placeholder}}

{{Prevention:Individuals:End}}

== Platform Prevention Policies ==
{{Prevention:Platforms:Placeholder}}

{{Prevention:Platforms:End}}

== Regulatory Prevention Policies ==
{{Prevention:Regulators:Placeholder}}

{{Prevention:Regulators:End}}

== References ==
<references><ref name="slowmisthackedarchive-14117">[https://web.archive.org/web/20240604181151/https://hacked.slowmist.io/?c=&page=2 SlowMist Hacked - SlowMist Zone] (Jun 4, 2024)</ref>

<ref name="dextools-14125">[https://www.dextools.io/app/cn/polygon/pair-explorer/0x452861b678a479a832ad51125ae2ebbbcadfe068 https://www.dextools.io/app/cn/polygon/pair-explorer/0x452861b678a479a832ad51125ae2ebbbcadfe068] (Jun 4, 2024)</ref>

<ref name="polygonscan-14126">[https://polygonscan.com/tx/0x88db8da195c9a28fdf24f08fb98da5000e7a7814e8627ffa23fd23153e14d7b9 Polygon PoS Chain Transaction Hash (Txhash) Details | PolygonScan] (Jun 4, 2024)</ref>

<ref name="polygonscan-14127">[https://polygonscan.com/tx/0xab3e3d825ad010f94414733fea09013513d6bca14531a07b11e0e882555b611e Polygon PoS Chain Transaction Hash (Txhash) Details | PolygonScan] (Jun 4, 2024)</ref>

<ref name="polygonscan-14128">[https://polygonscan.com/tx/0x574ac3f3645f4b971abdb541ecdff0899afad31f57f761a4f0553ffee97e5b06 Polygon PoS Chain Transaction Hash (Txhash) Details | PolygonScan] (Jun 4, 2024)</ref>

<ref name="top100token-14129">[https://top100token.com/address/0x0022167e3b9f409e1ff6bb206ec6b276c372b277 PI (PI) contract is 0x0022167e3b9f409e1ff6bb206ec6b276c372b277 on Polygon | Top100Token] (Jun 4, 2024)</ref>

<ref name="minepi-14130">[https://minepi.com/ https://minepi.com/] (Jun 4, 2024)</ref>

<ref name="tradingstrategy-14131">[https://tradingstrategy.ai/trading-view/polygon/tokens/0xdbb1570c93ffdbf357736f25a2a946f5a439adc7 PI on Polygon] (Jun 4, 2024)</ref>

<ref name="polygonscan-14132">[https://polygonscan.com//address/0xdbb1570c93ffdbf357736f25a2a946f5a439adc7 CustomMintableERC20 | Address 0xdbb1570c93ffdbf357736f25a2a946f5a439adc7 | PolygonScan] (Jun 4, 2024)</ref></references>

PI Network On Polygon Rug Pull - Revision history