PI Network On Polygon Rug Pull
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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.[1][2][3][4][5][6][7][8][9]
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."
| 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
No specific policies for individual prevention have yet been identified in this case.
For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.
Platform Prevention Policies
Policies for platforms to take to prevent this situation have not yet been selected in this case.
For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.
Regulatory Prevention Policies
No specific regulatory policies have yet been identified in this case.
For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.
References
- ↑ SlowMist Hacked - SlowMist Zone (Jun 4, 2024)
- ↑ https://www.dextools.io/app/cn/polygon/pair-explorer/0x452861b678a479a832ad51125ae2ebbbcadfe068 (Jun 4, 2024)
- ↑ Polygon PoS Chain Transaction Hash (Txhash) Details | PolygonScan (Jun 4, 2024)
- ↑ Polygon PoS Chain Transaction Hash (Txhash) Details | PolygonScan (Jun 4, 2024)
- ↑ Polygon PoS Chain Transaction Hash (Txhash) Details | PolygonScan (Jun 4, 2024)
- ↑ PI (PI) contract is 0x0022167e3b9f409e1ff6bb206ec6b276c372b277 on Polygon | Top100Token (Jun 4, 2024)
- ↑ https://minepi.com/ (Jun 4, 2024)
- ↑ PI on Polygon (Jun 4, 2024)
- ↑ CustomMintableERC20 | Address 0xdbb1570c93ffdbf357736f25a2a946f5a439adc7 | PolygonScan (Jun 4, 2024)