On 29 December Pi cryptocurrency listed made a controversial listing in the history of crypto because the company said this listed coin is not a real Pi token
At this time according to Coinmarketcap, the Pi token is listed on 5 centralized exchanges in which Houbi Global, XT.com, Bitmart, Biconomy Exchange and Hotcoin Global. There is no listing on Decentralized Exchange (DEX)
After the listing of the Pi coin price surged to trade around $34 USD but Pi Network claimed they have Pi hasn’t authorized any exchange, “Such listings may not operate on real Pi. Participation may result in loss.” they added
“Pi is in Enclosed Mainnet with no external connectivity permitted. Trust only official Pi channels” Pi network statement on Twitter
The company also share the blog post with this above statement they clearly warn the user to not trade this fake Pi.
“Pi Network recommends to all Pioneers and potential Pi users not to engage with any of these exchanges or third-party actors as their actions are not affiliated with Pi Network, and could result in substantial loss or damage to Pi users.” said in a blog post
“Pi Network is also requesting these posts and exchange listings removed, and evaluating additional actions with respect to the third parties and exchanges. In the interim, it is important to reiterate that the transaction of Pi through an exchange is explicitly prohibited during the Enclosed Mainnet period, and doing so would be a violation of Pi’s policies.” they added
What is Pi Network, and why Pi is still pumping
Pi Network begins with a mobile app, which you can activate to earn Pi tokens. This network aims to build a cryptocurrency and smart contracts platform that is secure and operated by everyday people, as well as the world’s most inclusive peer-to-peer marketplace, powered by Pi.
Pi token listed3 more exchanges after Pi clearly says they never involve in this listing at this time Pi network trade on $169 USD
Me: holy shit!!!! insane gains bruhhhh
Look at this above Coinmarketcapcharts is literally fu*king pump and dump showing Ths coin will cross $300 USD but same time dump gain $14 and now again toward above $300 and gaining going downwards. WFT
Some influencers are taking advantage of the current situation in which Ben Armstrong is posting bullish tweets in order to entice people to buy FOMO, which is why the Pi Network website has been down for some time because many people want to mine Pi coins and some are investing in Pi.
I’m worth 9 figures if this holds https://t.co/vHzTxKAuXs
— Bitboy Crypto (@Bitboy_Crypto) December 31, 2022
Coinmarketcap also runs a disclaimer before anyone invests in Pi Coin “There have been reports questioning the legitimacy of Pi Network. Please note that mainnet has not launched yet and the price displayed below for certain exchanges reflect the value of the IOUs and it may not be transferable across exchanges. Read more here and DYOR.”