Pi Network is one of the most popular cryptocurrency projects, sparking a lot of controversy and discussion. We explore recent changes, responses to allegations, and the latest network updates.
Controversial History of Pi Network
In February 2023, before Pi Network's mainnet was launched, the CEO of one of the largest cryptocurrency exchanges, Bybit, Ben Zhou, claimed that the project is a scam, referencing reports from Chinese law enforcement labeling it as fraudulent. However, a spokesperson from Pi Network denied these allegations, stating that the project's structure lacks any characteristics of multi-level marketing. They emphasized a single-level referral program.
Pi Coin Price Fluctuations
The price of Pi Coin has dropped by 22.5% over the past two weeks, falling below $0.8, with an additional 6% decline in the last 24 hours. It is the worst-performing coin among the top 100, followed by Hyperliquid and Kaspa. This performance mirrors the broader market trend, predominantly in the red.
Updates on Migration and Account Verification
Previously, Pi Network relied on phone numbers for unique account identification, which was costly and unreliable. The team decided to move to a new verification system based on email-based two-factor authentication. Users need to establish a secure email to continue using the service.
Pi Network remains in the spotlight for its unique solutions and controversial feedback. New features and responses to criticism may influence trust in the project and its future development.
