The post Pi Network Faces Scam Allegations Amid Its Feb 20 Mainnet Launch Frenzy. appeared first on Coinpedia Fintech News
With its Mainnet launch approaching on February 20, Pi Network is at the center of the debate once again. While many are questioning its legal trouble to calling it a scam. Analyst Kim Wong strongly rejected such claims and came all out to support the project, highlighting its massive global adoption, decentralized blockchain, and compliance with Know Your Customer (KYC) regulations. He argues that Pi Network is revolutionizing financial inclusion by making crypto accessible to everyone.
According to Wong, the project already boasts over 100 million registered users, with 65 million actively engaging. Nearly 19 million users have completed KYC, and around 10.5 million are holding Pi coins in their wallets. He also emphasizes that Pi’s blockchain is fast, scalable, and Web3-ready, making it a strong competitor in the crypto space.
Controversies on the Rise…
Despite its rapid growth, Pi Network has faced criticism. Many are skeptical of its referral-based mining model, comparing it to a scam. One crypto analyst warned users that no one has made real money from Pi except the team, which allegedly profited from user data and in-app ads. His advice? Sell any airdropped Pi and use the money for food.
Some in the crypto community argue that requiring KYC goes against the core idea of blockchain. However, Kim H. Wong defended it, saying transactions remain decentralized and only illegal activities get traced. He added that for crypto to be widely accepted, it must follow government rules, especially in the Web3 era.
Plus, concerns remain over a 2021 allegation that the project was linked to a major data breach affecting thousands of Vietnamese users. Though the Pi team denied the claims, doubts about its credibility remain an issue. Some social media users have even warned against investing, calling Pi Network a potential scam.
Exchange Listings Boost Pi’s Popularity
Even with ongoing scrutiny, Pi Network has been gaining mainstream traction. The token has secured listings on major exchanges like OKX, Bitget, and MEXC. Gate.io recently joined the list and introduced staking opportunities for Pi holders. Bitget is also celebrating Pi’s success with a 150,000 Pi airdrop. However, none of these platforms currently allow U.S. customers to trade Pi.
Will Binance Be the Game Changer?
The biggest speculation now surrounds Binance, the world’s largest crypto exchange. A Binance listing could add legitimacy to Pi Network, bringing in significant liquidity and attracting institutional and retail investors. If listed, Pi’s price could see a major surge between $150-$200, and $500 by 2030 fueling more excitement in the market.
For now, Pi Network remains a hot topic, with both strong supporters and harsh critics. Its Mainnet launch will determine whether it can truly deliver on its promises or if skepticism will prevail.
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