Pi Network asks investors to beware of fake Pi listings on various DEXs

  cryptopolitan.com 48 m

Traders have been warned by the Pi Network team about fake Pi ads on DEXs. This comes after the launch of its Open Network on Thursday. The Pi Core team stated that all of the Pi trading pairs that are currently on these exchanges are “fake.”

The Pi Core team stated through an X post on its official account:

“Beware of fake Pi listings on various DEXs[ …]Pi Network strongly recommends that you refrain from participating in any current DEX trading pairs.”

The exchange adds that if anyone chooses to proceed, despite this warning, risks being defrauded. You will “[receive] fake Pi, and lose your money.”

The team further explained that Pi coins can only be traded through businesses that have undergone the platform’s “Know Your Business” (KYB) verification process. According to Pi’s KYB page, only four exchanges, OKX, Bitget, Gate.io, and the recently added Pionex are listed as verified entities. They have authorization to hold Pi Mainnet wallets.

The Pi Core team asks users to only deal with these KYB-approved platforms to keep transactions safe. Platforms like Huobi have had unauthorized listings in the past. These platforms are not connected to Pi Network and may have led investors into bad business.

No listings on Bybit: CEO doubles down on calling Pi a ‘scam’

Bybit founder and CEO Ben Zhou is still headstrong about distancing his exchange from listing Pi coins. Zhou denied claims that Bybit had requested a Pi listing on social platform X.

“Bybit had made no listing request to $PI, and the claim that $PI refused the bybit listing or that Bybit did not pass some sort of KYB of $PI is completely nonsense,” he remarked.

1. Here is a official police warning of $Pi from Chinese police back in 2023 warning to the public that it’s a scam targeted towards elderly folks https://t.co/LaGJqXSOXR which leaks their personal data and loss of their pension. There are multiple other reports out there… https://t.co/gkEu2wZwfo

— Ben Zhou (@benbybit) February 20, 2025

“Yes, I still think you are a scam, and no, Bybit will not list scams,” Zhou reiterated.

Responding to the Bybit CEO’s claims, Pi network’s unofficial technical support team, going by the username SusDrones on X, acknowledged that Chinese authorities did issue a notice about the project, but they did not necessarily call it a scam.

“The demand for Pi to “address these reports” assumes they’re ignoring criticism, but that’s not the case… Silence on every random accusation isn’t guilt—it’s focus,” the technical team reckoned.

Pi holders report issues with making withdrawals

On social media, users have made several reports about Pi coin’s withdrawal hiccups across multiple exchanges. Some investors have already decided to take exit positions, which has led the token’s price to drop below the $1 mark, driving selling pressures up further.

One trader said that after putting 1,500 Pi into Bitget, their tokens got stuck and there was no way to withdraw. Users who have been impacted say that withdrawals on OKX have been stopped for more than 24 hours.

Another trader on Reddit explained his frustration, saying they contacted OKX support and were advised to provide their unique ID and email to begin a return process. The trader did receive a response from the exchange. However, there was no confirmation of when withdrawals would resume.

Bitget has addressed Pi holders’ complaints via email, stating: “Please be assured that your request is our top priority at the moment. We kindly request your understanding and patience. Once again, we sincerely apologize for any inconvenience caused. You may expect your request to be completed within the next 24-48 hours.”

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