Cryptocurrency exchange Huobi announced that it was listing PI coin, the native token of the Pi Network. But the Project vehemently denies it. As soon as the listing announcement was made, the token has rapidly skyrocketed $50 benchmark. But is it really the authentic Pi Network token? If not, which token is it? And what will happen to the investor money who are putting in lots of money
The Seychelles-based crypto exchange shared the Pi network token listing news via a blog post, where the exchange stated that spot trading for PI would commence at 09:00 (UTC) on Dec 29. Huobi’s announcement shared that only the PI/USDT trading pair would be available for trading.
Besides Huobi, social-infused crypto exchange XT.com also announced its decision to list the PI/USDT trading pair in its ‘Innovation zone,’ with trading to begin at 03:00 (UTC) on Dec 29.
However, both exchanges failed to share details regarding deposits and withdrawals.
Pi network is a cryptocurrency and developer platform where users can mine the platform’s native token, PI, using mobiles. The platform claims that the process would not impact the environment as the mining would not drain the device’s battery much.
Additionally, Pi provides an app platform where developers offer products or apps in exchange for PI tokens.
Pi Network Team Warns Users To Hold Up Before Buying PI tokens
Though exchange listings are often good news for a token and its parent project, the Pi Network team was not amused with the listing news. Three separate Twitter accounts linked to the platform shared posts warning users not to trade PI tokens.
Pi News, a media platform on the Pi Network, requested users to remember that the platform was yet to open its main network. Additionally, the tweet warned users of “danger,” asking Pi Network users to not participate in transactions.
Furthermore, Pi Network’s official Twitter channel also issued a warning, noting that the platform’s mainnet remained closed “with no external connectivity permitted.“
Moreover, the platform emphasized that it had not authorized exchange listings. The Pi core team warned users not to participate in any transactions.
We’re still in Enclosed Mainnet. So it’s impossible to list Pi Network at different crypto exchangers at this moment. Please Beware!PiWhales, a Twitter account affiliated with the Pi Network, stated in a tweet.
Despite the warnings, CoinMarketCap (CMC) data indicates that the PI token price claimed 235% (at press time) in 24 hours. However, the crypto price tracking platform also enclosed a warning on the PI token page. The message from CoinMarketCap noted that Pi Network had recently faced a lot of controversies.
CoinMarketCap re-iterated the platform’s warning of the Pi Network mainnet not being ready. Most importantly, the data analytics platform revealed that PI token prices on its platform reflect the value of IOUs. It seems traders are buying and selling PI tokens without even owning them.
Additionally, CMC reminded users that such IOUs might not be transferable across exchanges. Before trading the PI token on exchanges, it would be safer to wait for official communication from the Pi Network channels.
Pi Network Suffers Exploit Of $61,000
In a new update, Pi Network shared the post of blockchain security audit firm Certik, which pointed out that certain malicious elements siphoned nearly $61,000. The scammers withdrew the funds from a pool that was pretending to be Pi tokens, Certik noted.
The firm noted that the owner of the fake PI token pool removed around $61,000 and bridged the funds to Polygon.
Meanwhile, the Pi Network Core Team again warned users to avoid exchanges offering PI token trades. Moreover, the PiCT also distanced itself from any blame by stating that it “does not assume this responsibility” for any losses.
Pi Networks advised users to “please participate with caution.”