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Coinpaprika 2025-02-17 07:20:18

Pi Network Faces Scam Allegations as Analyst Defends Its Credibility

Pi Network Faces Scam Allegations as Analyst Defends Its Credibility

Pi Network has come under fire ahead of its Mainnet launch, with critics questioning its legitimacy. However, analyst Kim Wong has defended the project, highlighting its widespread adoption, decentralized blockchain, and compliance with Know Your Customer (KYC) regulations as proof of credibility. Despite his arguments, concerns remain about its referral-based mining system, past data breaches, and potential legal risks. In a post on X (formerly Twitter), Wong responded to criticism, emphasizing Pi Network’s unique benefits, including seamless cross-border transactions, free mobile mining, and a vast user base. He claimed that the project has provided financial access to millions worldwide. According to him, Pi coin is distributed in over 200 countries, with over 100 million registered users , including 65 million active participants and nearly 19 million KYC-verified users. Additionally, around 10.5 million people already hold Pi in their wallets. Wong pointed to Pi Network’s in-house KYC system, which ensures compliance with government regulations, adding credibility to the project. He also described its Layer 1 blockchain as decentralized, fast, and scalable, supporting a growing Web3 ecosystem. Wong challenged skeptics, asking them to name another crypto network with the same level of global adoption and real-world use. “If you still don’t understand Pi Network or think it’s a scam, you’re falling behind and need to catch up,” Wong said. Despite these statements, many critics remain doubtful. Some argue that the project is only moving forward now because of recent shifts in regulations. Others believe Pi’s referral-based mining makes it resemble a pyramid scheme. The project has also faced accusations of a data breach , with reports in 2021 claiming that Pi Network was responsible for leaking personal information of 10,000 Vietnamese citizens. The team denied these allegations. Meanwhile, Pi Network continues to gain mainstream traction. The project’s official account recently surpassed Ethereum ( ETH ) in followers on X. Pi coin has also been listed on multiple exchanges, including OKX, Bitget, and MEXC , with Gate.io announcing Pi trading support. Bitget has launched a 150,000 Pi airdrop to celebrate deposits, while Gate.io introduced a Launchpool event where users can stake Pi tokens for GT rewards. However, none of these exchanges currently allow US customers to participate. Speculation is also growing about a possible Binance listing. If confirmed, this could significantly increase market liquidity and attract both institutional investors and retail traders. Given Binance’s influence, such a move would add legitimacy to Pi Network and potentially drive up its value.

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