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As Pi Network was listed on exchanges, early adopters scrambled to retrieve their wallet passphrases, but some fell victim to scams. 2 Hong Hoa from central Quang Tri province had been mining Pi since the project's early days, accumulating over 4,000 Pi tokens, with around 1,000 transferred to her mainnet wallet. By 2023, she stopped "tapping the lightning button" to mine Pi, despite completing Know Your Customer identification verification. "After some exchanges listed Pi at $2 on Feb. 20, my tokens are now worth around $2,000. But I cannot access my account and have been trying to recover my old wallet passphrase. I am even willing to pay half my Pi holdings as a fee but have not succeeded," she says. On social media, many early Pi Network users are seeking help to recover their wallet passphrases. Hoang Anh, an administrator of a Facebook group with over 150,000 members, says the group has received more than 20 daily posts on the topic over the past 10 days, though only select cases are approved. Previously, posts about recovering wallet passphrases were rare. It seems early adopters are reinstalling the app to access their Pi but have forgotten their passwords," he says. Pi Wallets consist of a public key for transactions and a private key, also known as a "seed phrase"—a randomly generated 24-word sequence that must be securely stored. Unlike standard passwords, losing this phrase means losing access to the wallet permanently. Taking advantage of users’ desperation, various "recovery services" have surfaced online, though experts warn most are scams. The Hoang, a Pi Network user since 2022, says he attempted to log in using the passphrase he had previously written down but was unsuccessful, possibly due to a single incorrect character."I have nearly 800 Pi in my mainnet wallet, so I sought help from a service on Facebook. They quoted a fee of VND5 million (US$196) and asked me to install additional software and share a screen recording of my device," he says. "I suspected a scam and refused." Vo Do Thang, director of cybersecurity firm Athena, says some Seed Phrase Recovery software exists but typically recovers only one missing word from a seed phrase. If more than one word is forgotten, retrieval is nearly impossible. Thang warns against online recovery services, noting that current technology makes full recovery extremely difficult. "Users may have to contact the original developers directly, but that is not an easy process," he says. "If seeking external help, they should only trust well-known figures in the crypto community and deposit no more than 5-10% of the agreed amount upfront to minimize financial risk." Launched in 2019, Pi Network promoted itself as a way for users to mine Pi for free by tapping a button in its mobile app daily. Vietnam is among the countries with the most Pi miners. The project has been controversial, taking nearly six years to launch its mainnet, finally allowing users to transfer Pi to exchanges for trading on Feb. 20.

The White House held its first-ever “crypto summit” on Friday, gathering top execs from digital asset firms to chat about how the Trump administration plans to undo the Biden administration’s regulatory crackdown on crypto. But the attendees reportedly left feeling deflated. Here’s where prices stand over the past 24 hours: The event came three days after Trump’s first address to Congress since returning to office, in which he spouted several statements, including one about the economy that doesn’t quite align with the facts . “As you know, we inherited an economic disaster and an inflation crisis from the previous administration,” Trump stated . Gross Domestic Product: Under Trump’s predecessor, Joe Biden, real GDP growth averaged around 3.4% over the first three years, including a 2.5% growth in 2023. Compare that to Trump’s first term: Not counting the Covid-19 pandemic in 2020-, the economy experienced an average annual real GDP growth of approximately 2.5%. By 2020, the pandemic led to a significant contraction and resulted in an overall average annual growth rate of about 1.6% for Trump’s term. Inflation: Trump has claimed that the U.S. has faced “the worst inflation we’ve ever had.” However, that’s inaccurate – inflation last exceeded 9% in 1981, and has been much higher at various points throughout U.S. history. Indeed, prices surged considerably during the initial two years of Biden’s presidency, reaching a high of 9.1% in June 2022. By December 2024, the annual inflation rate was 2.9% . S&P 500 Performance: Since Biden’s inauguration on Jan. 20, 2021, the S&P 500 has risen by approximately 50%, despite a 19% drop in 2022 due to the Federal Reserve’s interest rate hikes aimed at combating inflation. Dow Jones Industrial Average (DJIA) Milestones: The DJIA surpassed several significant milestones during Biden’s tenure, including: Under Trump presently, consumer confidence is down ; stocks just suffered their worst week in six months (h/t Forbes); and inflation worsened . As for crypto, it’s still a mystery how Trump plans to pay for the digital asset stockpile that’s currently in the works . Will he raise taxes? We’re told there would be “no incremental costs on American taxpayers.” It’s no wonder why both Republicans and Democrats are worried. See below. 🟡 NEW: Republicans and Democrats who hope to legitimize crypto by pushing regulatory overhauls through Congress are scrambling to come to terms with Trump’s proposal to create a US "strategic reserve" of digital assets. Private-sector supporters are raising their own concerns… pic.twitter.com/lXqkPj8BD3 It’s worth noting that the crypto summit on March 7 comes less than two months after Trump and some of his family members launched their own memecoins. The big guns of crypto (i.e., Michael Saylor, Coinbase CEO Brian Armstrong, Robinhood CEO Vlad Tenev) attended. It was a clear shift in attitude compared to the Biden era, when the Securities and Exchange Commission (SEC) drew the ire of those in the industry who felt that the Gary Gensler-led crackdowns were unfair. After all, not everyone in the industry was a scammer (although 2024 had plenty of rug pulls ). Today, these honchos have Trump whose federal government — according to Axios’ Felix Salmon and Zachary Basu — has become “the primary driver of the chaos.” What could go wrong?

Ripple CEO Brad Garlinghouse described the past week as a turning point for the cryptocurrency industry. He pointed to high-level discussions at the White House Crypto Summit and the Commodity Futures Trading Commission (CFTC) CEO Roundtable. Garlinghouse highlighted the key regulatory priorities that emerged from the meeting, on social media platform X. They included Congressional action on crypto legislation, a Bitcoin reserve, and support for stablecoins backed by the U.S. Treasuries. Garlinghouse also expressed optimism about the administration’s stance, contrasting it sharply with the previous Biden administration, which he characterized had been hostile towards crypto. That made him acknowledge the significance of the latest discussions, all the more, noting strong support for a fair regulatory framework that can transition to the industry’s growth. Related: Garlinghouse Heads to White House Crypto Summit: XRP’s Role in Trump’s US Reserve in Focus Garlinghouse also urged the industry to move past internal divisions and focus on achieving regulatory clarity. He criticized the ongoing “maxi-induced noise” and infighting, stating that the crypto sector should work together to ensure a level playing field. “We will continue to champion the need for a fair regulatory environment,” he said. Further, Garlinghouse thanked President Donald Trump, White House AI and Crypto Czar David Sacks, and Representative Bo Hines for facilitating crypto discussions at the White House and CFTC Commissioner Caroline Pham for hosting the regulatory roundtable. Legal expert Bill Morgan echoed Garlinghouse’s statement as a “very positive and grateful take” on what he called a “monumental week” for crypto. He noted the stark contrast to the regulatory climate just six months ago. Despite these positive developments, the SEC’s lawsuit against Ripple remains active. Unlike many other cases that have been dropped, Ripple’s legal battle continues at the appellate court. Related: SEC Drops Multiple Lawsuits and Investigations Against Crypto Firms—Here’s the List It’s worth noting that the SEC has paused or dismissed multiple lawsuits and investigations involving major cryptocurrency firms in recent weeks. Companies like Binance, Coinbase, Kraken, and Uniswap have benefited from the SEC’s recent action. However, Ripple remains in a holding pattern, awaiting its fate. Experts suggest the delay in Ripple’s case stems from the fact that the lawsuit has received a binding decision. Consequently, a quick settlement is not as straightforward as in other cases without a final judgment. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Bitwise has just filed an S-1 form with the SEC to list a crypto ETF based on Aptos (APT). This move suggests a long-term strategy for this digital asset. More details in the following paragraphs! Unlike some funds, Bitwise has chosen to exclude staking for its crypto ETF Aptos . The asset manager already has experience with this digital asset. The proof: it launched an Aptos Staking ETP on the Swiss stock exchange SIX Swiss Exchange in November. However, the American edition of this crypto ETF will not offer this option. Regarding security, Bitwise has appointed Coinbase Custody as the primary custodian of the ETF’s digital assets. A decision that could reassure institutional investors! No listing exchange has yet been confirmed. Also, no fees or symbol for the crypto ETF have been communicated for now. The recent approval of Bitcoin and Ethereum ETFs has set a precedent that could work in favor of new altcoin ETFs. Bitwise has also recently filed applications for Dogecoin ETFs , Solana, and XRP. This shows its interest in highly recognized cryptocurrencies. Although presented as a “Solana killer”, Aptos remains an atypical choice for a crypto ETF. According to CoinGecko, this crypto asset is currently ranked 36th by market capitalization with $3.8 billion. For this project to come to fruition, Bitwise must file a 19b-4 form. This will trigger a 240-day period before the SEC renders its verdict. This step is crucial to allow the listing of the Aptos ETF on a regulated exchange. With this new crypto ETF, Bitwise continues to explore opportunities in altcoins . SEC approval would be a strong signal for the crypto market. In the meantime, the announcement has boosted the APT price, which rose by 18% in 24 hours.

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