An information security expert said that the Pi Network application that has spread calls to social media during the past days does not have any link to cryptocurrencies like Bitcoin and Ethereum, but it is a tool for electronic fraud.
Through the application, people can exchange the value of the digital currency, without the need for a third party or intermediary intervention such as a bank. The application allows for currency mining with the press of a button every 24 hours, otherwise it stops completely from work.
He explained to Hazel Magazine that what raises suspicions about the application is the request of users to register with their personal accounts on Facebook or their phone numbers, unlike the blockchain technology on which the crypto system is based and depends on data confidentiality.
The application requires users to create accounts with a set of powers on top of it.
(Entering and reading contacts - photos, files, and videos - reading the contents of your USB storage - modifying or deleting the contents of your USB storage).
It also gets powers (read phone status and identity - device ID number and call information - read phone status and identity).
The app also has access to: (Wi-Fi connection information - Show Wi-Fi connections - Receive data from the Internet - Full network access - Vibration control).
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