Analyst Defends Pi Network’s Credibility Amid Scam Allegations

Amid the growing criticism surrounding Pi Network ahead of its Mainnet launch, an analyst has defended the project’s credibility, pointing to its global reach and utility.

Meanwhile, critics argue the project faces significant risks and legal scrutiny, with many questioning its legitimacy.

Pi Network: Real or Scam?

In the latest X (formerly Twitter) post, Analyst Kim Wong addressed criticism surrounding the Pi Network. Wong drew attention to Pi Network’s unique strengths, including instant cross-border transactions, a free mobile mining model, and unmatched user adoption.

“Pi Network has been distributing wealth to all the people in the world whoever wants it, free, this has benefited millions of people already,” Wong stated.

He highlighted the network’s global reach, with Pi coin distributed in over 200 countries. In addition, the network has over 100 million registered users, 65 million active participants, around 19 million KYC-verified users, and approximately 10.5 million users already holding Pi in their wallets.

The analyst also pointed out Pi Network’s self-developed Know Your Customer (KYC) system, designed to align with government regulations—an aspect that strengthens its credibility.

Beyond being a widely accepted digital currency, Wong stressed that Pi’s Layer 1 blockchain is decentralized, scalable, fast, secure, and Web3-ready, supporting a growing ecosystem that extends across various blockchain functionalities.

Wong challenged skeptics to find another cryptocurrency network with Pi Network’s scale and real-world application.

“If you still don’t know what Pi Network is, or if you still think Pi Network is a scam, you are really falling behind and need to catch up!,” he concluded.

Despite the optimistic outlook, critics remain unconvinced. Users pointed to the changes in the regulatory environment as a factor behind the launch.

“I have been in this space since we first heard about it back in 2020. This comes as no surprise that suddenly the team woke up and realizes that “yeah, crime is literally legal in this space.” President of the United States is launching meme coins, why can’t us,” wrote one user on X.

Some social media users have even labeled the Pi a scam.

“Pi Network is a scam. Don’t invest in it when it launches,” another user remarked.

Moreover, the project has faced allegations of being a pyramid scheme, due to its referral-based mining system. In May 2021, Pi Network was accused of being a data breach source. The data leak exposed 17GB of personal data from 10,000 Vietnamese citizens. Nonetheless, the team denied these claims.

Pi Coin Gains Mainstream Acceptance

Amid ongoing scrutiny, Pi Network has seen significant traction in the crypto space. The project’s account surpassed Ethereum (ETH) in follower count on X. Pi coin also secured multiple exchange listings, including OKX, Bitget, MEXC, and HTX. Gate.io joined the list by announcing its support for Pi trading yesterday.

That’s not all. Bitget has launched a 150,000 Pi airdrop to celebrate deposit availability. Gate.io has introduced a Launchpool event, allowing users to stake their Pi tokens in exchange for GT airdrops. It is worth noting that none of these exchanges currently accept customers from the US.

Meanwhile, speculation continues around a potential Binance listing. This could bring significant liquidity to the market and drive major price surges. As the world’s largest crypto exchange, Binance’s listing would add legitimacy to Pi coin, attracting both institutional investors and retail traders.