PI soars 21% despite fraud allegations, what's next?

Despite the accusations of fraud, the PI token continues to attract attention in the market with a significant increase in trading price. At the time of writing, the PI token is trading at $1.86, with a 21% increase in the past 24 hours. According to CoinMarketCap, the market capitalization of PI Network has reached $12.25 billion and the trading volume has increased by 33% to $867.24 million. From its launch to the time of writing, its highest trading price is $2.10. Prior to its release, it was expected to surpass $100, but it did not meet the expectations of experts and Pi holders. Looking at the current growth trend, experts believe that Pi is expected to reach a new high in the near future and its market capitalization is expected to surpass $20 billion in the coming weeks. Updating the cryptocurrency market prices. As of the time of writing, the cryptocurrency market capitalization is 2.93 trillion dollars with a slight price increase, but the fear and greed index remains at 26, indicating extreme fear. Bitcoin is still below 90,000 dollars and trading at 88,991 dollars, its market capitalization is 1.76 trillion dollars and the trading volume is 68 billion dollars. The list of gainers of the day is dominated by Story, Celestia, Maker, XDC Network, Quant, Immutable, and Movement. How is GitVenom affecting cryptocurrencies? Over time, hackers and bad actors continue to devise new methods to exploit the cryptocurrency market; according to a recent report by Kaspersky, hackers have targeted GitHub users by conducting a malicious software campaign. A report by the cybersecurity company reveals that hackers have designed hundreds of fake storage spaces to confuse users and make them download malicious software and encryption software at the same time. Georgy Kucherin, an analyst at Kaspersky, said that, under the guise of GitVenom, hackers are setting up counterfeit projects on GitHub described as more real than actual projects. Kucherin also noted that these types of software are primarily designed to steal credentials and other important information needed to access cryptocurrency wallets. It is worth noting that the description of this misleading developed project appears to have been generated by Artificial Intelligence writing tools. In addition, it is also noted that all of these projects are fully documented, making them seem more legitimate. The analyst also notes that to increase the project’s legitimacy, hackers even added a timestamp update every few minutes, indicating that continuous development behind the scenes has taken place. Will these projects be able to fulfill their promises? Kucherin also notes that these fake projects on GitHub have not fulfilled the promises as advertised, the research also notes that these projects are observed to perform meaningless tasks and steal information in the background. Kaspersky has found that most of these projects have been present in the market for several years now, with a few in the past 2 years. In recent quarters, cryptocurrency market losses have surged, once reaching their peak due to hacks and breaches. In the fourth quarter of 2024, it was reported that a wallet owned and managed by hackers received 5 BTC after a victim allegedly transferred the funds to a wallet address that had been replaced by hackers seconds before the transaction took place.