The Pi Community staff has cautioned customers towards partaking with fraudulent Pi tokens circulating on decentralized exchanges (DEXs).
In a Feb. 20 assertion, the staff clarified that each one Pi buying and selling pairs at present listed on these platforms are unauthorized and might be a part of scams designed to deceive buyers.
In keeping with the staff, Pi Community has not accepted any token listings on DEXs. The warning pressured that any Pi token accessible on DEXs in the mean time is illegitimate. It strongly suggested customers to keep away from these tokens, as buying and selling them may result in monetary losses.
It added:
“Pi Community strongly recommends that you just chorus from taking part in any present DEX buying and selling pairs. When you select to proceed, regardless of this warning, you run the chance of being defrauded, receiving faux Pi and shedding your cash.”
As a substitute, Pi Community really helpful buying and selling solely on centralized exchanges which have efficiently handed its Know-Your-Enterprise (KYB) verification course of. The community recognized OKX, Bitget, Gate.io, and Pionex as the one accepted platforms.
Faux Pi tokens and rip-off allegations
The cautionary assertion follows experiences of faux Pi tokens rising on varied DEXs and meme token launchpads like Pump.enjoyable.
Notably, a Pi-branded meme token launched on Pump.enjoyable greater than every week in the past noticed its market worth collapse after the official Pi token went stay. Primarily based on knowledge from Pump.enjoyable, its market capitalization plunged from $5 million to roughly $112,142.
On the identical time, the actual Pi token has additionally suffered a pointy worth drop. Since its official launch on Feb. 20, its worth has plunged by over 60%. CryptoSlate’s knowledge reveals that PI is buying and selling at round $0.66, considerably down from its $2 peak recorded at launch.
This dramatic decline is probably going pushed by intense promote strain from long-term miners who’ve been accumulating the asset for over six years.
In the meantime, Bybit CEO Ben Zhou additionally described the Pi challenge as a rip-off and requested the staff to deal with any controversies surrounding it.
In keeping with him:
“Bybit had made no itemizing request to PI, and the declare that PI refused bybit itemizing or Bybit didn’t move some kind of KYB of PI is totally nonsense. If the challenge is authentic and straight up, then it’s best to come forth and deal with these experiences so everybody can perceive, however as an alternative, you select to make up shit and make these infantile assaults with no floor.”
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