Pi Network pulls back despite Protocol v27 completing final testnet step | FXStreet

Binance reported a $6.3 billion security breach, the largest in crypto history, causing Bitcoin and most tokens to drop. Pi Network's PI token rose 3% to $0.078. Binance froze $3 billion of assets and will cover customer losses. Bitcoin fell from $80,000 to $76,000, and BNB dropped 6%. Total liquidations exceeded $1.5 billion.

Pi Network's Core Team announced the completion of Protocol 27 upgrade and plans for Protocol 28. Node operators must update by October 13. The PI token has seen volatility, recently trading above $0.09 with a market cap of $1 billion, ranking it 65th according to CMC.

Pi coin fell 15% to $0.0830 despite the launch of Protocol 27, with trading volume up 184.5% to $15.73 million. The drop is attributed to profit-taking, with the upgrade aiming to enhance smart contract authentication. The Mainnet transition is ongoing, and the next update, V28, is planned but unscheduled. The U.S. Senate's failure to pass the Clarity Act has limited impact on Pi Network.

Pi Network's Protocol 27 upgrade, launching September 15, introduces smart contracts, an AMM DEX, and RPC infrastructure. The network claims 14 million users, but only 16.6 million have migrated. Daily trading volume is low, and the DEX has no mainnet activity. The upgrade's success depends on user adoption and developer engagement.

Binance suffered a $6.3B crypto theft, the largest in history, with Bitcoin dropping to $76,400. The hack, attributed to North Korean hackers, drained hot wallets in minutes. Binance assured users' funds are safe and will cover losses. Bitcoin later recovered above $77,000, with stablecoin issuers freezing $3B of stolen funds.

Bitcoin (BTC) dropped to a six-week low near $77,000 after a $6.3 billion hack at Binance, while Gold (XAU) fell below $3,950. Binance froze $3 billion in collaboration with blockchain partners. Fed Chair Kevin Warsh expressed concerns over sticky inflation, hinting at potential rate hikes.