Pi Network: Controversy and Background
Pi Network is a project that aims to popularize cryptocurrency mining through mobile devices. Since its launch, controversies surrounding its model have been ongoing. Particularly in 2023, police and official media in various parts of China (such as CCTV.com and Economic Daily) issued risk warnings, characterizing "Pi Coin" free mining as suspected of reselling user personal information and a pyramid scheme. These warnings garnered widespread attention, especially highlighting the risks of pension losses for the elderly and personal data theft.
2023 Scam Allegations and Official Warnings
In 2023, Chinese law enforcement explicitly stated that Pi Network was being used as a pyramid scheme targeting the elderly, leading to pension losses and personal data theft. At the same time, rumors that banks could exchange "Pi Coin" were debunked by Chinese official media and bank researchers, emphasizing that virtual currencies are not legal tender and have no exchange relationship with the RMB. Ben Zhou, CEO of cryptocurrency exchange Bybit, also publicly stated in February 2025 that Pi Network was a scam and explicitly confirmed that Bybit would not list the project.
Pi Network's Response and Project Progress
In response to the fraud allegations, the Pi Network team denied them, stating that these warnings were aimed at fraudsters impersonating Pi Network, not the project itself. The project founders emphasized that Pi Network has never conducted an ICO (Initial Coin Offering) or sold Pi coins. In terms of technical development, Pi Network's open mainnet officially launched on February 20, 2025, allowing Pi coins to be traded and connected externally. Previously, the project had been in a "closed mainnet" phase since December 2021. The project team is actively developing the ecosystem and plans to hold its first Ecosystem Summit from November 17 to 19, 2026, focusing on developer tools and application showcases. Additionally, Pi Network has implemented protocol upgrades such as Protocol 27 and Protocol 28 to support more advanced smart contract functionalities.
Market Performance and User Base
As of October 19, 2026, the price of Pi Network (PI) ranges from approximately $0.07795 to $0.08187. Its all-time high was approximately $2.99 on February 26, 2025. Currently, Pi Network (PI) has a market capitalization of approximately $877 million to $1.09 billion, with about 11 billion to 11.26 billion PI coins in circulation. In terms of user numbers, Pi Network claimed 55 million active "Pioneer users" as of June 2023, and this number had grown to approximately 60 million registered users by June 2026, with over 18 million users having completed identity verification (KYC).
Multiple Perspectives and Points of Contention
- Pi Network Team's Perspective: Led by Stanford University-affiliated founders Nicolas Kokkalis and Chengdiao Fan, the team is dedicated to popularizing cryptocurrency mining through mobile applications. They believe Pi Network is a unique project that challenges the existing framework of the cryptocurrency market, has never conducted an ICO, and is committed to building a functional blockchain and ecosystem.
- Critics' Viewpoints: Chinese police and official media have labeled it a scam, warning of personal information leakage and a multi-level marketing scheme. Bybit CEO Ben Zhou publicly called it a scam. Justin Bons (CyberCapital), founder of a crypto fund, views Pi Network's referral system as a multi-level marketing structure and believes its long-term lock-up mechanism allows insiders to exit while ordinary miners have to wait. Investor Harro Moen filed a $10 million fraud lawsuit against Pi Network founders in October 2025, accusing the company of secretly selling tokens, delaying mainnet migration, and causing his tokens to be lost. Common criticisms also include a lack of practical application scenarios, the inability to freely trade tokens for extended periods, and reliance on referral mechanisms to grow its user base.
- Supporters' Viewpoints: Pi Network's large user base (Pioneers) firmly believes in its future value and actively participates in mining and community activities.
Trading Status and Risk Warning
Currently, Pi Network (PI) can be traded on platforms such as OKX, CoinUp.io, Gate, CoinW, Bitget, LBank, BTCC, XT.COM, DigiFinex, MEXC, Hibt, XBO.com, Webot, and CEX.IO. Given the controversies and allegations surrounding the project, investors must conduct thorough due diligence, understand the associated risks, and carefully evaluate its investment value before participating.
The platform information for sale in the article changes with the listing and delisting dynamics of each exchange. Please refer to the official announcements of the exchanges.
