Pi Network is a blockchain project that enables "mining" through a mobile application, with Pi as its native token. Since its launch in 2019, the project has garnered significant attention and controversy due to its unique referral reward mechanism and a prolonged mainnet launch process.
Current Status of Pi Coin Withdrawals and Trading
The development of Pi Network has gone through several stages. Initially, the project operated in a closed network environment, where users could not transfer or trade the Pi coins they earned externally. In December 2021, the project entered the "Enclosed Mainnet" phase, preparing for subsequent opening. A critical turning point occurred on February 20, 2025, when Pi Network officially launched its "Open Mainnet," allowing Pi coins to be transferred and traded outside the Pi Network application for the first time.
This means that, theoretically, users can now "withdraw" Pi coins. However, this process is not a one-click operation and requires several conditions to be met:
- Complete KYC Verification: Users must pass the official "Know Your Customer" identity verification process within the Pi Network application.
- Migrate to Mainnet: After completing KYC, users need to migrate their Pi balance from within the application to the Pi mainnet wallet, making it a transferable asset.
- Trade on Supported External Exchanges: With transferable Pi coins, users can sell them on exchanges that have listed PI trading pairs (such as OKX, Gate.io, etc.), convert them into USDT or other cryptocurrencies, and then convert them into fiat currency for withdrawal to a bank account.
According to public market data, as of early November 2026, the price of PI fluctuates between $0.076 and $0.079, with a market capitalization of approximately $870 million and a 24-hour trading volume of about $2.5 million to $3 million. Its circulating supply is approximately 11 billion to 11.3 billion PI.
Controversies and Common Scams Surrounding Pi Network
Despite the technical realization of external trading, Pi Network has consistently been surrounded by fraud allegations. Critics argue that its referral reward mechanism resembles multi-level marketing, and the prolonged "mining" period locks in a large number of users, while the project team continues technical development and community building.
This controversial environment has given rise to numerous scams targeting Pi users, primarily including:
- Fake Unlocking and Early Monetization Services: Scammers claim to help users unlock or sell "locked" Pi coins at high prices before the official lock-up period ends, thereby defrauding them of fees or tokens.
- Phishing Attacks: Inducing users to enter their Pi wallet's seed phrase, private key, or KYC personal information through fake official emails, SMS messages, or websites.
- Fake Exchanges and High-Price Lures: Setting up fraudulent trading platforms, attracting users to deposit Pi coins with prices far above the market (e.g., claiming each Pi is worth over $40), and then performing an exit scam.
- Impersonating Official Personnel: Impersonating Pi core team members or community administrators on social media or in groups to scam users under the guise of providing support or distributing rewards.
- Address Poisoning Attacks: Scammers send small amounts of Pi coins to numerous wallet addresses, including phishing website links in transaction memos to lure users into visiting them.
- Scams Utilizing New Features: With the launch of new project features (e.g., palm print recognition), related fake websites or applications immediately appear, tricking users into authorizing or entering sensitive information.
These scams have resulted in actual losses. For example, Pi Network once suspended its wallet payment function due to a social engineering attack that led to the theft of over 4.4 million PI tokens. Additionally, regulatory agencies in some regions have issued warnings. For instance, Chinese regulatory authorities warned in December 2025 about illegal fundraising and financial fraud risks under the name of "π coin."
Key Perspectives and Legal Risks
Market opinions on Pi Network are polarized. The project was founded by a team with Stanford University backgrounds and continues to advance mainnet upgrades and ecosystem development, such as planning to hold its first ecosystem summit in November 2026. Supporters view it as a promising cryptocurrency project.
However, criticism is equally strong. Justin Bons, founder of crypto fund CyberCapital, among others, has publicly accused it of being a scam. In October 2025, investors even filed a fraud lawsuit against the project founders, accusing them of secretly selling tokens and deliberately delaying the mainnet launch. Some mainstream exchanges have explicitly stated they will not list PI for trading due to its controversial nature.
For users, participating in Pi Network or trading PI tokens carries inherent risks. It is crucial to complete KYC and migration through the official application, remain highly vigilant against any "shortcuts" or "special channels," properly safeguard private keys and seed phrases, and only use reputable, verified exchanges for trading.
