Despite claims of being scams, PI coins have continued to gain attention in the market with a sudden growth in their trading prices. At the time of writing, the PI token was trading at $1.86, with a surge of 21% in the past 24 hours.
According to CoinMarketCap market capitalization of PI Network has reached $12.25 billion, and its trading volume has surged by 33% now at $867.24 million. From its launch till writing, its highest trading price was $2.10, before its launch, it was expected to cross $100, yet it failed to meet the speculations of experts and Pi coin holders.
Seeing the ongoing momentum, experts argued that Pi is expected to reach a new height in the coming future, and its market capitalization is expected to cross the mark of $20 billion in the next few weeks.
Crypto Market Price Updates
As of writing, the crypto market capitalization was $2.93 trillion with a tiny bullish momentum yet the fear and greed index remained at 26 determining extreme fear.
Bitcoin is still below $90k and trading at $88,991, its market capitalization was $1.76 trillion, and its trading volume was $68 billion. The intraday gainer’s list has been ruled by Story, Celestia, Maker, XDC Network, Quant, Immutable, and Movement.
What is GitVenom affecting crypto?
Over time hackers and malicious actors have continued to design new methods to loot the cryptocurrency market; according to a recent report of Kaspersky, the hackers have been targeting GitHub users by operating a malware campaign.
The published report by the cybersecurity firm says that hackers have designed 100s of bogus repositories to create confusion among users and make them download malware stealing and crypto software at a time.
Georgy Kucherin, the analyst at Kaspersky, said that, in the name of GitVenom, the hackers are setting up bogus projects in GitHub that are portrayed as more real than the real ones.
Kucherin also notes that these types of software are majorly designed to steal the log credentials and other crucial information that are required to access a cryptocurrency wallet.
It is worth noting that the description of the falsely developed project seems to be generated by Artificial Intelligence writing tools. Also, it has been noted that all these projects have their complete documentation, making them look more legitimate.
The analyst also noted that to boost the legitimacy of the project, the hackers have even added timestamps that update after every few minutes, which showed that a backend constant development has been taking place.
Do these projects serve their promises?
Kucherin further notes that these false projects over GitHub failed to serve their promises as advertised, the study also notes these projects were observed performing meaningless tasks and stealing information in the background.
Kaspersky discovered that the majority of these projects have been in the market for the last few years and a few for the last 2 years. Over the past few quarters the losses of the crypto market have been surging, and once from hacks and breaches are at peak.
In the last quarter of 2024, it was reported that a wallet owned and managed by a hacker received 5 BTCs after a victim reportedly transferred the amount to the wallet address replaced by the hacker’s wallet a few seconds before the transaction.
