The Pi Network team issued a warning about fake Pi ads on decentralized exchanges (DEXs) shortly after launching its Open Network. The team strongly advises against participating in such trading.
Pi Network's Warning on Fakes
The Pi Network team, through an official X post, cautioned against participating in current Pi trading pairs on DEXs, labeling them as fake. They warned that the risk of involvement includes losing money and receiving fake Pi. To ensure safe transactions, Pi Network recommends using only platforms that have passed the KYB (Know Your Business) verification. Such platforms include OKX, Bitget, Gate.io, and the newly added Pionex.
Responding to Scam Allegations
Bybit founder and CEO Ben Zhou confirmed that his exchange is not listing Pi, calling the project a scam. In response, Pi's technical support team, appearing as SusDrones on X, acknowledged the Chinese authority's warning but noted it does not declare the project a scam. Zhou also mentioned a warning from Chinese police in 2023, when the project allegedly targeted elderly individuals, leading to leakage of data that affected their pensions.
Pi Withdrawal Issues on Exchanges
Pi users are experiencing withdrawal issues on some exchanges, causing anxiety and increasing the desire to sell assets. Some traders reported frozen funds on Bitget, while on OKX, withdrawals have been stopped for over 24 hours. Bitget apologized and assured users that their requests are prioritized, promising to resolve issues within 24-48 hours.
Pi Network warns users of risks when trading on unverified platforms and emphasizes the importance of choosing verified platforms. Meanwhile, concerns about Pi's reliability continue to grow due to technical failures and skepticism from major exchanges.
