4 months ago
The Pi Network squad has cautioned users against engaging with fraudulent Pi tokens circulating connected decentralized exchanges (DEXs).
In a Feb. 20 statement, the squad clarified that each Pi trading pairs presently listed connected these platforms are unauthorized and could beryllium portion of scams designed to deceive investors.
According to the team, Pi Network has not approved immoderate token listings connected DEXs. The informing stressed that immoderate Pi token disposable connected DEXs astatine the infinitesimal is illegitimate. It powerfully advised users to debar these tokens, arsenic trading them could pb to fiscal losses.
It added:
“Pi Network powerfully recommends that you refrain from participating successful immoderate existent DEX trading pairs. If you take to proceed, contempt this warning, you tally the hazard of being defrauded, receiving fake Pi and losing your money.”
Instead, Pi Network recommended trading lone connected centralized exchanges that person successfully passed its Know-Your-Business (KYB) verification process. The web identified OKX, Bitget, Gate.io, and Pionex arsenic the lone approved platforms.
Fake Pi tokens and scam allegations
The cautionary connection follows reports of fake Pi tokens emerging connected assorted DEXs and meme token launchpads similar Pump.fun.
Notably, a Pi-branded meme token launched connected Pump.fun much than a week agone saw its marketplace worth illness aft the authoritative Pi token went live. Based connected data from Pump.fun, its marketplace capitalization plunged from $5 cardinal to astir $112,142.
At the aforesaid time, the existent Pi token has besides suffered a crisp terms drop. Since its official merchandise connected Feb. 20, its worth has plunged by implicit 60%. CryptoSlate’s information shows that PI is trading astatine astir $0.66, importantly down from its $2 peak recorded astatine launch.
This melodramatic diminution is apt driven by aggravated merchantability unit from semipermanent miners who person been accumulating the plus for implicit six years.
Meanwhile, Bybit CEO Ben Zhou besides described the Pi task arsenic a scam and asked the squad to code immoderate controversies surrounding it.
According to him:
“Bybit had made nary listing petition to PI, and the assertion that PI refused bybit listing oregon Bybit did not walk immoderate benignant of KYB of PI is wholly nonsense. If the task is morganatic and consecutive up, past you should travel distant and code these reports truthful everyone tin understand, but instead, you take to marque up crap and marque these childish attacks with nary ground.”
The station Pi Network urges caution arsenic fake tokens infiltrate DEXs amid scam allegations appeared archetypal connected CryptoSlate.
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