Pi Network Defends Credibility Amid Scam Allegations

Analyst Defends Pi Network's Credibility Amid Scam Allegations

As Pi Network prepares for its Mainnet launch, an analyst has stepped up to defend the project's credibility, highlighting its global reach and utility. Kim Wong, the analyst, pointed out Pi Network's unique strengths, including instant cross-border transactions, a free mobile mining model, and unmatched user adoption.

Wong emphasized that Pi Network has been distributing wealth to people worldwide, free of charge, benefiting millions. The network has a global presence, with Pi coin distributed in over 200 countries. It boasts 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 praised Pi Network's self-developed Know Your Customer (KYC) system, designed to align with government regulations, further strengthening 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. Despite the optimistic outlook, critics remain unconvinced. Some users pointed to changes in the regulatory environment as a factor behind the launch, while others labeled Pi a scam.

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

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.