Pi Network urges caution as fake tokens infiltrate DEXs amid scam allegations

The Pi Network team has cautioned users against engaging with fraudulent Pi tokens circulating on decentralized exchanges (DEXs).

In a Feb. 20 statement, the team clarified that all Pi trading pairs currently listed on these platforms are unauthorized and could be part of scams designed to deceive investors.

According to the team, Pi Network has not approved any token listings on DEXs. The warning stressed that any Pi token available on DEXs at the moment is illegitimate. It strongly advised users to avoid these tokens, as trading them could lead to financial losses.

It added:

“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.

Fake Pi tokens and scam allegations

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. Based on data from Pump.fun, 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%. CryptoSlate’s data shows that PI is trading at around $0.66, significantly down from its $2 peak recorded at launch.

This 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 also described the Pi project as a scam and asked the team to address any controversies surrounding it.

According to him:

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

Mentioned in this article