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According to reports, the Pi Network smartphone app caused a 17GB personal data leak.
Pi Network, a blockchain mining software for smartphone users, may have been linked to 17GB of personal data breaches, according to a Vietnamese news outlet on Monday.
According to the individual who posted it to hacker hangout RaidForums on Thursday, the treasure chest of personal data was obviously taken from the Know Your Customer tests of Pi Network users.
An approximate 10,000 Vietnamese citizens’ identification cards were put up for auction, along with their associated home addresses, phone numbers, and email addresses. The data was priced at $9,000 by the vendor, which could be paid in Bitcoin (BTC) or Litecoin (LTC) (LTC).
According to Phien Vo, a moderator of a Vietnamese Pi Network community chat channel, Pi Network’s KYC checks are done by a third party, and Vietnamese identification cards such as those in question are incompatible with the software. However, Vo did mention that an earlier version of the software was once compliant with the cards.
“Vietnamese would need to use their passports to perform KYC verification on Pi Network. Only users who used earlier versions of Pi were able to perform KYC authentication using their driver licences, but the device has yet to allow Vietnamese identity cards,” Vo explained.
The cybersecurity branch of Vietnam’s Ministry of Public Security has since opened an investigation into the matter.
An independent investigation into Pi Network’s perceived value was recently conducted by Cem Dilmegani, a tech entrepreneur and founder of AIMultiple. Written weeks prior to the recent data leak, the review concluded that Pi Network bore the hallmarks of a multilevel marketing scheme, or an affiliate marketing program.
According to reports, the Pi app needs users to log in every day and press a button to collect their PI coins. The software employs no blockchain consensus algorithm, such as proof-of-work or proof-of-stake, and users can raise their mining speeds by referring others. The PI token is not yet available for trading on exchanges and has no monetary value.
From the start of its use, the software allegedly sells data for advertising revenue. Given that ad space will sell at a higher price when sensitive user information is used, many have speculated that the Pi software is only intended to collect individually identifiable information from its users. A Pi Network representative was contacted for comment by Cointelegraph. If they react, this article will be changed.