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Don’t fall victim to the Pi Network virtual fever

In the past few days, Pi Network is becoming the focus of the cryptocurrency market not only in Vietnam but also around the world.

Pi Network is the name of the “virtual currency” mining application Pi. To receive Pi, users only need to maintain the Pi Network application to take attendance every day. Once judged by many experts to be worthless, but some exchanges are listing Pi and pushing the price of this coin up.

VietNamNet’s record shows that Pi is currently being traded on 6 cryptocurrency exchanges. In particular, Huobi and XT are particularly interested because these are the two earliest Pi listing exchanges.

Notably, the price of Pi increased rapidly, from a few dollars to several tens and then hundreds of dollars. At times, the price of Pi on the Huobi exchange also reached 345 USD. As of dawn this morning, Pi is currently trading around the $250 mark.

To “mine” Pi, users need to perform “roll attendance” on the app every day. Photo: Trong Dat

The rapid increase in the price of Pi has made the community of Pi Network supporters seething. This is when many people think that their faith in Pi Network has been answered. However, there is a harsh reality that on exchanges, people can only buy Pi but cannot load existing Pi on the exchange.

Talking to VietNamNet, a security expert from the Anti-Phishing project said that with the Pi fever in recent days, users should not follow this trend.

According to the anti-fraud project expert, exchanges like XT and Huobi are listing Pi as an IOU, which stands for “I Own You”. This is a potential form of ICO trading before the cryptocurrency goes on the exchange.

This expert said that the above exchanges are just taking advantage of the community’s trust in Pi Network to attract users and capital.

This is a trick of the exchanges in the context that the crypto market is falling into “winter”. That is the reason why the exchanges allow to buy Pi but do not allow to withdraw or load the available Pi from the Pi Wallet of the “Pi players” on the exchange.

Despite having a large community of supporters, Pi Network has not yet demonstrated a clear value. Photo: Trong Dat

Faced with the above situation, this expert recommended, users should not spend money to buy Pi to avoid losing money, becoming victims of scams similar to the story of investors in LUNA and LUNA. FTX.

Taking advantage of the price of Pi being pushed up by exchanges, this is the stage when some Pi “miners” will sell their Pi at “cheap”. Investors need to be very alert, should not spend money to buy Pi in any form at this time.

In the recent move, the Pi development team also voiced a warning on the official Twitter page of Pi Network. Accordingly, the Pi development team confirmed that their Pi coin is not listed on any exchange.

“Third parties are listing Pi or a token with a similar code name without the consent or participation of Pi Network. Pi is currently only privately traded in the internal network and is not approved for listing on any exchange,” the Pi Network development team confirmed.

Before the fact that some exchanges voluntarily listed Pi, the Pi Network development team also recommended its community not to participate in transactions to avoid unnecessary losses.

Trong Dat

You are reading the article Don’t fall victim to the Pi Network virtual fever
at valers.us – Source: ictnews.vietnamnet.vn – Read the original article here

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