Controversial Pi Network Token Disputes “Unapproved” Crypto Exchange Listing
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Editing by Nathaniel Cajuday
- Controversial Pi Network has warned its miners and supporters about unauthorized listings of $Pi on different exchanges because the network is still under an enclosed mainnet period where $Pi trading is not yet allowed.
- The two crypto analytics giants, CoinMarketCap and CoinGecko, are displaying advisories whenever the value of $Pi is checked on each platform.
- CoinMarketCap has a more aggressive disclaimer, addressing the token’s legitimacy: “There have been reports questioning the legitimacy of Pi Network. Please note that mainnet has not launched yet and the price displayed below for certain exchanges reflect the value of the IOUs and it may not be transferable across exchanges.”
- The legitimacy of Pi Network as an actual crypto and blockchain network has been debated. In 2021, Cointelegraph reported that it may have been connected to a 17 GB of personal data leaks, which its community leads disputed.
Following the recent announcements of two exchanges, Houbi and XT.com, about their listing of the Pi token on their platforms, the token developer Pi Network warned against these unauthorized listings as the network is still under its “Enclosed Mainnet period.”
“Pi Network is aware of reports that several unauthorized third party exchanges, and potential unknown third parties, are seeking to list Pi or tokens purporting to be Pi, or some purported derivative of Pi, without the consent, authority, or involvement of Pi Network. It is important to reiterate that Pi is currently in the Enclosed Network and is not approved by Pi Network for listing on any exchange or for trading, and Pi Network was not involved with any of these purported postings or listings,” Pi Network wrote in a statement.
According to Pi Network, its token was listed “without the consent, authority or involvement of Pi Network,” noting that Pi is not approved by the network for trading or listing on any exchange. Its Enclosed Network period indicates that trading of Pi on exchanges is explicitly prohibited.
Consequently, as Pi Network was not involved with any listings, the network asked its Pioneer Pi miners not to engage with the unauthorized tokens listed. Moreover, the network warned that trading Pi tokens on exchanges would violate Pi Network’s policies.
On December 29th, both Huobi and XT.com announced the listing, with even XT.com declaring in a tweet that they will hold a two-week trading championship with a reward pool of 5,000 USDT along with the Pi Network team.
Then, 24 hours after the announcement, the Pi token price surged from $44.03 to an all-time high of $307.49 on December 30, data from CoinGecko showed. But as of this writing, the Pi token is now just trading at $94.21.
As per the data from CoinGecko, the trading volume of the unauthorized Pi token in Huobi was currently at a 24-hour volume of $24,265,099—and it is currently the most traded token on the exchange. While in XT.com, the trading volume of Pi token over the past 24 hours was just $208,207 last December 30, it reached a trading volume of $2.17 million trading volume over the past 24 hours, as per CoinGecko.
Aside from the two above-mentioned, CoinMarketCap data also show that Pi is available for trading on other crypto exchanges such as Hotcoin Global, BitMart, and SuperEx.
Crypto Analytics Warning
Following this notice from Pi Network about the unauthorized listing, two major crypto analytics platforms, CoinMarketCap and CoinGecko, also issued warnings on their platforms.
When a user wants to check the value of Pi, CoinGecko displays that “the mainnet has not yet been launched.”
While in CoinMarketCap, the platform displays a more aggressive warning:
“There have been reports questioning the legitimacy of Pi Network. Please note that mainnet has not launched yet and the price displayed below for certain exchanges reflects the value of the IOUs and it may not be transferable across exchanges.”
Pi Bridge–Wrapped Pi
On the other hand, Pi Network’s hybrid all-in-one financial application platform recently announced that it is setting up the network to have a link to BNB Chain and all of its DeFi ecosystem.
Accordingly, its utility token, Wrapped Pi (WPI), has launched and is now open for trading on PancakeSwap. It will work on a 1:1 basis with the Pi Coin, which means that for every WPI created, a Pi Coin will be locked.
Currently, it is trading at $5.67, according to the data from CoinMarketCap.
Although the goal of Wrapped Pi is to be a bridge between the BNB Chain and the Pi Network, it is still an unofficial token for the BNB Chain that acts as an alternative to the native Pi Coin. To date, there is still no official connection from the Pi Network core team.
What is Pi Network?
Pi Network is a blockchain mining project operating with just a mobile phone. It claims to be founded by a team of Stanford University Ph.D. candidates who designed a mobile-friendly blockchain mining algorithm.
The legitimacy of Pi Network as an actual crypto and blockchain network has been debated. In 2021, Cointelegraph reported that it may have been connected to a 17 GB of personal data leaks, which its community leads disputed.
“You become a member of the Pi Network by downloading the Pi app, and then basically you just sit there and watch your Pi balance go up slowly every few seconds,” Luis Buenaventura wrote in his CryptoToday in 2021, when the Pi Network became a trend in the country. (Read more: Cryptoday 033: Mga Saloobin Ukol sa Axie Gaming at Pi Network Hype (Tagalog))
This article is published on BitPinas: Pi Network Tells Miners: Beware of Unauthorized $Pi Listing
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.