The PI network has been accused of being a scam by Baibit CEO Ben Jhou, which brings a police notice since 2023, which calls it ‘hunting scam on the elderly’.
recently PostBibit co-founder and CEO Ben Jhou responded to a claim made by an informal PI (PI) technical team account, claiming that Crypto Exchange was “rejected by PI” To do. The PI network is a project that enables users to mine cryptocurrency through the mobile app.
Jhou said in his post, “Bibit had not made any listing requests for the PI and claimed that Pi had refused the Bibit listing or did not pass any kind of KYB by Bibit.”
Jhou retaliated by bringing a Chinese police report published in 2023, warning the citizens about a virtual currency scam, which targets the elderly through a “rich rich” scheme, which from the PI network Was determined by actors claiming to be affiliated.
“Many criminals use” coin “to claim that they can download an app on their mobile phone and make mine for free. They also give lectures to the elderly, expand the afflicted groups, claiming that by developing a downline, users can resume personal information, and cheat the elderly of their pension, “a translation Wrote Wubby Public Security Bureau. Information,
The report states that scammers would use free prizes and gifts to woo the victims who want to get small benefits by downloading the app and promising them a small amount of PI tokens as a gift.
The police bureau said, “They expand the victim group by rewarding people for recruitment of more people, use the personal information of the users again, and cheat the victims of their money.”
Jhou used the article as the basis of its claims, confirming its Crypto Exchange, unlike other major exchanges such as OKX and Betgate, the PI network will not be listed in the future. Even Benance has started testing the water by giving a community vote whether the exchange should list the PI network.
In an interview with Crypto.news, PI network co-founder Dr. Nicholas Kokalis and Chengiao fan was detailed on the model and mining mechanisms of the PI network shortly after the launch of the Mennet of the project.
He explained that his goal is to ensure that the PI remained stable by providing a fair and detailed token distribution, providing convenience of real -world uses. To ensure security on the network, they implement tasks such as safety circles, utility-based PI apps, running nodes and other precautions.
Additionally, PI users known as pioneers are required to undergo an identity verification process, before they are able to get PI.
PI Network warns potential scams and users of bad actors
In an x Post Shared a few days before its maintenance launch, the PI network warned users of “potential bad actors and activities, scams and emergence of individuals replicating others” who claim to be associated with the project.
The PI Network wrote in its post, “Neither PI network, nor any affiliated to PI network, has any affiliation with any parties, which in such illegal or harmful activities for our users or community Attachment or attached. “
The account explained that any activities require to pay a fee along with users, which “monothemical prizes or future profits make misleading promises or MLM” misleading promises [Multi-Level Marketing]”PIs are not authorized by network. Protocol also urges its followers to investigate their officer. site For information about the safety of your PI accounts and wallets.
At the time of writing, PI tokens have fallen by more than 50% in the last 24 hours. PI is currently trading hands at $ 0.65. The token has maintained a $ 1.2 billion trading volume in the previous day.
