Pi Network Warns: Unauthorized Tokens on DEXs Could Be Scams

The Pi Network team has issued a warning to users, urging caution against fraudulent Pi tokens circulating on decentralized exchanges (DEXs). In a statement released on Feb. 20, the team clarified that all Pi trading pairs currently listed on these platforms are unauthorized and could be part of scams targeting unsuspecting investors.

The warning emphasized that Pi Network has not approved any token listings on DEXs, and any Pi token available on these platforms at the moment is illegitimate. The team strongly advised users to avoid these tokens, as trading them could result in financial losses. It stated:

“Pi Network strongly recommends that you refrain from participating in any current DEX trading pairs. If you choose to proceed, despite this warning, you run the risk of being defrauded, receiving fake Pi and losing your money.”

Instead, Pi Network recommended trading only on centralized exchanges that have successfully passed its Know-Your-Business (KYB) verification process. The network identified OKX, Bitget, Gate.io, and Pionex as the only approved platforms.

The cautionary statement follows reports of fake Pi tokens emerging on various DEXs and meme token launchpads like Pump.fun. Notably, a Pi-branded meme token launched on Pump.fun more than a week ago saw its market value collapse after the official Pi token went live. Its market capitalization plunged from $5 million to roughly $112,142.

At the same time, the real Pi token has also suffered a sharp price drop. Since its official release on Feb. 20, its value has plunged by over 60%. The dramatic decline is likely driven by intense sell pressure from long-term miners who have been accumulating the asset for over six years.

Meanwhile, Bybit CEO Ben Zhou described the Pi project as a scam and asked the team to address any controversies surrounding it. He stated:

“If the project is legitimate and straight up, then you should come forth and address these reports so everyone can understand, but instead, you choose to make up shit and make these childish attacks with no ground.”