Pi Network eliminates fake wallets, burns fraudulent assets, and reinforces security amid rising fraud cases in India. (Pic: Pi Mainet)
(EPICSTORIAN) — Pi Network has taken decisive action against fraudulent activity, permanently deleting fake wallets and burning all associated locked assets.
This move strengthens the platform’s commitment to security and reliability, ensuring only legitimate users participate in its ecosystem, according to the Network core team.
Fake Pi Wallets Linked to Indian Users
During the unlocking process of locked assets, an extensive review uncovered a high volume of fraudulent wallets, with 25% confirmed as fake and linked to Indian users who had bypassed Know Your Customer (KYC) verification.
These wallets were removed, and their locked assets were eliminated from the blockchain, effectively erasing them from the Mainnet.
The team said a detailed analysis revealed that over 80% of these fraudulent accounts originated from India.
To protect user trust and the integrity of the network, the Network noted that strict measures have been enforced to prevent similar fraudulent activities in the future.
The network’s proactive security framework aims to uphold the credibility of digital transactions while deterring malicious actors.
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The project team says it continues to refine its verification process and bolster fraud detection strategies, reinforcing its role as a secure and transparent blockchain platform.
Users are urged to comply with KYC protocols to maintain the integrity of their accounts and assets.
