A recent post on X (formerly Twitter) raised suspicion that the co-founder of Pi Network, Nicolas Kokkalis, might have become a victim of a hacking attack. Below are details regarding the situation and what all community members should know.

Hack or Not?

Earlier in the week, Dr. Chengdiao Fan, another co-founder of Pi Network, announced that new decentralized exchange (DEX) and automated market maker (AMM) liquidity pool features have been added to the project’s blockchain. These tools, initially available on Testnet, enable users (known as Pioneers) to experiment with token swaps and learn about DeFi before using real PI tokens on Mainnet.

The announcement generated considerable excitement, prompting many in the community to celebrate on X. However, one questionable account—not affiliated with the official Pi Network—also promoted the benefits of this update. Interestingly, Nicolas Kokkalis further shared this dubious post, leading to speculation that hackers could have compromised his account.

Users of PI are strongly encouraged to remain cautious and not to engage with misleading updates or unverified announcements. They should rely solely on trusted information from the official Pi Network account on X and other authorized communication methods managed by the project’s team.

PI Price Outlook

Despite the significant improvements announced by the Pi Network and a notable upturn in the crypto market, Pi Network’s native token is currently struggling. Its value has dropped 25% over the last month, now trading at approximately $0.26, according to CoinGecko data.

Many community members are beginning to doubt that the asset will return to its peak levels seen at the start of 2025, with some metrics indicating a potential for further decline in the short term.

The total tokens held on exchanges continues to grow, increasing the likelihood of pressure to sell. Additionally, millions of coins are set to be unlocked in the next 30 days, providing investors the chance to cash out.

PI Price PI Price, Source: CoinGecko

PI Token Unlocks PI Token Unlocks, Source: piscan.io