Source: Cointelegraph.com NewsWhat Pi Network promised
\nWhen Pi Network first hit the scene in 2019, it had a simple but compelling pitch: What if you could mine cryptocurrency straight from your phone \u2014 no expensive gear, no massive electricity bills, just a tap a day on an app?
\nIt caught fire. Millions of people jumped on board, lured by the idea of \u201cfree\u201d mobile mining and a chance to get in early on the next big thing. The app made it easy: You signed up, invited a few friends, tapped a button every 24 hours, and watched your Pi (PI) balance slowly grow. With the social referral model fueling growth, it wasn\u2019t long before over 70 million users had signed up worldwide.<\/p>\n
Did you know? Pi Network utilizes the Stellar Consensus Protocol (SCP), which aims for energy efficiency and decentralization, differing from Bitcoin\u2019s energy-intensive proof-of-work. What the Pi Network delivered
\nThe roadmap was supposed to be gradual: start with mobile mining, then move toward a testnet, KYC rollout and, finally, full mainnet launch with real trading and utility. But that last step took a lot longer than anyone expected.
\nAfter years in limbo, the Pi Network finally opened its mainnet to external trading in February 2025. That should\u2019ve been a big win. But it didn\u2019t go smoothly. For one, not all users were able to migrate their balances. Know Your Customer (KYC) verification became a bottleneck, and many were left wondering when \u2014 or if \u2014 they\u2019d ever be able to access the tokens they\u2019d mined for years.<\/p>\n
Then there was the price. When Pi first started trading on external platforms, the price spiked, hitting as high as $2.98 in late February. But the hype didn\u2019t last. As early adopters started selling off their tokens and real-world use cases remained thin, the price slid hard. By early May 2025, it had dropped to around $0.58, wiping out more than 70% of its value.
\nThere\u2019s also still no real utility. You can\u2019t spend Pi on much (only in small, community-run markets and pilot programs). And while the team talks about building a full ecosystem of apps and services, it\u2019s unclear how fast \u2014 or how seriously \u2014 that\u2019s progressing.
\n Why the crypto community grew skeptical
\nAs the months turned into years, more and more red flags started popping up, and the community started asking hard questions.
\n1. Still waiting on the mainnet
\nPi launched in 2019, and for years, users kept hearing that the open mainnet was \u201cjust around the corner.\u201d First there was the testnet. Then the \u201cenclosed mainnet.\u201d Then a roadmap update. The actual open network didn\u2019t arrive until early 2025 \u2014 six years later. And by that time, a lot of early believers had started losing faith.
\n2. All roads lead back to the core team
\nDespite the talk of decentralization, the reality is that the Pi Core Team has retained almost total control over the project.\u00a0<\/p>\n
Every active mainnet node? Controlled by them.\u00a0
\nMost of the token supply? Still in their hands.\u00a0<\/p>\n
That doesn\u2019t sit well with crypto users who believe in distributed power and community-driven networks. Right now, Pi feels more like a private company than a decentralized protocol.
\n3. Where\u2019s the transparency?
\nAnother sticking point has been the lack of detail on how Pi actually works under the hood. The white paper is vague. There\u2019s no clear breakdown of tokenomics, no timelines on when tokens unlock, no burn mechanics and no insight into supply control. Without that info, it\u2019s hard for anyone to judge the health or future value of the project.
\n4. Exchange listings
\nDespite years of hype, Pi still isn\u2019t listed on major exchanges like Binance or Coinbase. It is tradable on some platforms like OKX and Bitget, but even there, things are shaky. Some users have reported trouble withdrawing their tokens, with exchanges blaming \u201ctraffic spikes\u201d and other vague technical reasons. It all feels a bit fragile.<\/p>\n
For instance, one user on Bitget reported depositing 1,500 Pi tokens but found them inaccessible, with no clear timeline for resolution. On OKX, withdrawals were suspended for over 24 hours, with users asked to provide ID and email verification but given vague responses like \u201cYour request will be completed within 24-48 hours.\u201d
\nBy April 2025, users reported that MEXC, another exchange listing Pi, suspended Pi withdrawals, sparking concerns about liquidity and platform reliability. This was compounded by reports of large Pi transfers from MEXC, Gate.io and Bitget to OKX wallets, raising suspicions of coordinated price manipulation or exchange-level issues.
\n5. Fake volume and fading hype
\nAt its peak in February 2025, Pi was trading at nearly $3 and generating billions in volume. Fast forward a few months, and that volume has dropped off a cliff \u2014 down to around $40 million. That kind of collapse raises serious questions: Was the demand real, or was it inflated by speculation, bots or internal market-making?
\n6. Users trapped in a closed loop
\nEven now, many users can\u2019t actually use or withdraw their Pi tokens. Without access to real exchanges or spending options, they\u2019re stuck in a kind of token limbo, watching a number go up in an app but with no way to convert that into anything useful.
\nDid you know? While Pi Network claims over 70 million users, blockchain data indicates that only about 9.11 million wallets exist, with approximately 20,000 showing daily activity.
\n Is Pi Network a scam or just a failed vision?
\nNot every crypto project that stumbles is a scam. Some are just ambitious ideas that don\u2019t quite pan out. So, where does Pi Network fall?
\nOn the surface, Pi doesn\u2019t fit the classic scam mold. There was no initial coin offering (ICO), no upfront investment required \u2014 just an app that lets you \u201cmine\u201d Pi by tapping your phone daily. That\u2019s a low bar for entry, and it attracted millions.
\nBut dig a little deeper, and things get murkier. The whole system leans heavily on referrals, encouraging users to bring in more people to boost their mining rate. That kind of structure starts to resemble a multi-level marketing scheme more than a decentralized crypto project.<\/p>\n
Then there\u2019s the monetization angle. The app is filled with ads, and users are required to complete KYC verification, handing over personal data. So, while you\u2019re not paying money, you\u2019re paying with your attention and information. Source: Cointelegraph.com NewsWhat Pi Network promised When Pi Network first hit the scene in 2019, it had a simple but compelling pitch: What if you could mine cryptocurrency straight from… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128900"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128900"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128900\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128900"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nGiven these developments, critics such as Ben Zhou, CEO of Bybit, and Justin Bons, founder of Cyber Capital, have publicly expressed skepticism regarding Pi Network\u2019s legitimacy.
\nPi Network might not be a blatant fraud, but the combination of opaque operations, aggressive referral tactics and questionable monetization strategies certainly raises eyebrows.
\nDid you know? Pi Network was officially launched on March 14, 2019 \u2014 Pi Day \u2014\u00a0symbolizing the mathematical constant \u03c0 (3.14).
\n Can Pi recover, or is it over?
\nIs there a path forward for Pi Network? Possibly, but it\u2019s a steep climb.
\nFirst, transparency is key. Open-sourcing the code would allow the community to verify what\u2019s under the hood and build trust.
\nSecond, Pi needs real utility. Right now, holding Pi doesn\u2019t offer much beyond the hope of future value. Integrating Pi into actual use cases \u2014 like payments or decentralized applications \u2014 would give the token purpose.
\nThird, broader exchange listings are crucial. Currently, Pi is available on a limited number of exchanges, which hampers liquidity and price discovery. Major exchanges like Binance and Coinbase have yet to list Pi, citing concerns over transparency and regulatory compliance.
\nFourth, decentralization must be more than a buzzword. Currently, the Pi Core Team maintains significant control over the network, which contradicts the principles of decentralization. Implementing decentralized governance would distribute decision-making power and align with the ethos of blockchain technology.
\nBut even if all these boxes are checked, time is a factor. Since its mainnet launch in early 2025, Pi\u2019s price has dropped significantly, and user engagement has waned. Rebuilding momentum is challenging.
\nWithout significant changes, the Pi Network risks fading into obscurity, remembered more for its unfulfilled promises than its achievements.Read More<\/a>Pi Network<\/p>","protected":false},"excerpt":{"rendered":"