Pi Network, a cryptocurrency mining app for cell customers, might have been connected to 17GB value of personal data leaks, a Vietnamese news outlet reported on Monday.
The treasure trove of personal data was apparently taken from the KYC, or Know Your Customer, checks from customers of Pi Network, in accordance to the one that posted it to hacker hangout, Raidforums, on May 13.
The identification playing cards of an estimated 10,000 Vietnamese residents had been positioned on sale, together with connected residence addresses, telephone numbers and e-mail addresses.
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The vendor positioned a price ticket of $9,000 on the data, payable in both Bitcoin (BTC) or Litecoin (LTC).
Phien Vo, a moderator of a Vietnamese Pi Network group chat channel, told VnExpress that Pi Network’s KYC checks are carried out by a 3rd celebration, including that Vietnamese identification playing cards like these in query aren’t appropriate with the app. However, Vo did point out that an older model of the app was appropriate with these playing cards at one level.
“To perform KYC verification on Pi Network, Vietnamese would need to use their passports. Only some users who used earlier versions of Pi could perform KYC verification using their driver licenses, but so far the system has yet to accept Vietnamese identity cards,” Vo stated.
Vietnam’s Ministry of Public Security’s cybersecurity division has since launched an investigation into the matter.
An independent investigation into Pi Network’s perceived worth was lately carried out by Cem Dilmegani, tech entrepreneur and founding father of AIMultiple. Written weeks prior to the latest data leak, the evaluate concluded that Pi Network bore the hallmarks of a multi-level advertising scheme, or an affiliate marketing online program.
The Pi app reportedly calls for customers log in every single day and click on a button to obtain their PI cash. No blockchain consensus algorithm like Proof-of-Work or Proof-of-Stake is used within the app, and customers can achieve elevated mining charges by referring different folks. The PI token isn’t but traded on exchanges and has no greenback worth.
The app reportedly sells data for promoting income from the second its utilization begins. Given that advert house can promote for a better worth with personal person information included, many have been led to speculate that the Pi app is designed solely to siphon personally figuring out data from its customers. Cointelegraph reached out to a Pi Network spokesperson for remark. This article will probably be up to date ought to they reply.