Warning about Fake Pi Ads on DEXs

Traders have been warned by the Pi Network team about fake Pi ads on decentralized exchanges (DEXs) following the launch of its Open Network on Thursday. The Pi Core team stated that all Pi trading pairs on these exchanges are “fake.”

The Pi Core team communicated through a post on their official X account:
> “Beware of fake Pi listings on various DEXs. Pi Network strongly recommends that you refrain from participating in any current DEX trading pairs.”

They emphasized that proceeding with these fake listings risks receiving fake Pi and losing money. Only businesses that have undergone the platform’s “Know Your Business” (KYB) verification process can trade Pi coins. Four exchanges—OKX, Bitget, Gate.io, and the newly added Pionex—are the only verified entities authorized to handle Pi Mainnet wallets.

Users are urged to transact only with KYB-approved platforms to ensure safety. Past unauthorized listings on platforms like Huobi have posed risks to investors.

Bybit CEO’s Stance on Pi

Bybit’s founder and CEO Ben Zhou firmly stated that his exchange will not list Pi coins. He dismissed claims regarding a listing request for $PI on social media X.
> “Bybit had made no listing request to $PI, and the claim that $PI refused the Bybit listing or that Bybit did not pass some sort of KYB of $PI is completely nonsense,” he stated.

Zhou also mentioned a police warning from Chinese authorities in 2023 labeling Pi a scam targeting the elderly, which could lead to personal data leakage and pension loss.

Responding to Zhou’s accusations, Pi Network’s unofficial technical support team acknowledged the existence of these warnings but clarified that they did not explicitly label Pi as a scam. They argued that silence on accusations should not be mistaken for guilt, indicating their focus.

Withdrawal Issues Reported by Pi Holders

On social media, users have reported issues with Pi coin withdrawals across multiple exchanges. This prompted some investors to exit positions, causing the token’s price to drop below $1.

Traders expressed frustration, sharing experiences of tokens becoming stuck on Bitget and withdrawal delays on OKX exceeding 24 hours. One trader detailed a lack of clear communication from OKX regarding when withdrawals would resume.

Bitget acknowledged the complaints via email, assuring users that their requests are a top priority. They asked for patience while processing these requests, promising updates within 24-48 hours.