Pi Network's Mainnet Launch: PI Token Plummets 65% Amidst Scam Accusations

The Pi Network, a cryptocurrency project that gained significant attention for its mobile-based mining, experienced a substantial setback following the launch of its mainnet. The project's native token, PI, witnessed a dramatic 65% decline in value shortly after it became tradable on several cryptocurrency exchanges.

The Pi Network announced the official launch of its "Open Network" on Feb. 20, enabling users to access centralized exchanges and other businesses beyond its ecosystem. Simultaneously, the project listed the PI token on platforms such as Bitget, OKX, and MEXC. However, the token's price plummeted from a high of $1.84 to $0.64 soon after trading began.

While some exchanges listed the PI token, others took a more cautious approach. Bybit, a prominent cryptocurrency exchange, refrained from listing the token. Bybit CEO Ben Zhou accused the Pi Network of being a scam, citing a warning from the Chinese police in 2023. Zhou challenged the Pi Network team to address the reports questioning the project's legitimacy and stated that Bybit had not requested to list the PI token.

The Pi Network claims to have amassed over 60 million users, but blockchain explorers only show 9.1 million users. Furthermore, despite the project's claims of decentralization, the network remains controlled by its core team, with no signs of independent validators joining the network.

The Pi Network's mobile-based mining concept attracted many users, but the project's legitimacy has been called into question. The dramatic decline in the PI token's value following the mainnet launch raises concerns about the project's long-term viability. As the cryptocurrency market continues to evolve, investors and users should remain vigilant and exercise caution when engaging with new projects.