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Pi Network Mainnet Fell Into Controversies Due To Scam

Key Takeaways
  • Pi Network mainnet, which was in the news before its launch, is now in the news due to controversies.
  • Many users have become victims of fraud due to attempts to exchange Pi's virtual currency Pi Coin.
  • According to a report, the accounts posting these fraudulent projects on Facebook groups have been identified.
24-Apr-2024 By: Sakshi Jain
Pi Network Mainnet F

Pi Network Scam Users With fraudulent Scheme Before Its Launch

Pi Network, which became popular before its launch, is now in the headlines for fraud and scams. Pi Network, which gained popularity before the launch of its mainnet, has now become a center of fraud and scam. According to a report, several users have become victims of a fraudulent scheme while attempting to exchange Pi Coin, the network's virtual currency.

According to a report, several accounts have been identified posting on Pi Network's Facebook groups, claiming to buy Pi Coin at inflated prices and asking users to transfer currency before receiving payment. But once users transfer their Pi Coin, these accounts disappear and leave users with nothing to show for their efforts.

According to Coin Gabbar, the report also highlights the complexity of Pi Network's operation because Pi’s mainnet is not yet live. It is in the closed mainnet phase. In such a situation, transactions can take place only between players and transactions cannot be done on any cryptocurrency exchange. Thi, leavingy made it a difficult task for authorities to address this issue. Now the police have also come into action in this matter and have started investigating the activities related to cryptocurrency models like Pi.

Ways to Avoid Fraud in the Pi Network

  • First, users should take special care that if the Pi Network mainnet is not launched, its coins cannot be bought or sold from any exchange.

  • To earn Pi Coin, you have to download its application and sign in, only then coin’s can be earned.

  • As we have been informed it is not yet live on the mainnet.Hence, buying or selling through any social media account or post can be a scam in such a situation you should be alert.

  • The Pi team has announced that its mainnet will launch on June 28, 2024 hence, it's not possible to buy and sell the Pi coin before launch. It can be used for mining only through its official app.

  • Pi Network has made 10 million verified accounts

  • Pi Network also made the milestone of more than 10 million users KYC on its network app a few days ago about which the team associated with Pi Network said that there are 10 million more users on the app. All of them have completed their KYC process and verified their identity. 

  • The team had also said in a post that if more than 15 million users on the network get KYC, its tokens will become tradable. However, Pi Network works on the “Stellar Consensus Protocol” mechanism, which gives users an advantage based on their contributions to the network. Although Pi Network is not live, some critics are calling it a scam.

Also Read:  Google Ads Promote Fake Version Of Crypto Whales Market

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