Pi Network urges caution as fake tokens infiltrate DEXs amid scam allegations
Pi Network urges warning as incorrect tokens infiltrate DEXs amid rip-off allegations Pi Network urges warning as incorrect tokens infiltrate DEXs amid rip-off allegations
Pi Network highlights legit trading avenues to safeguard against incorrect tokens on decentralized platforms.
Veil art/illustration by way of CryptoSlate. Image entails mixed issue material that can also merely consist of AI-generated issue material.
The Pi Network group of workers has cautioned customers against attractive with incorrect Pi tokens circulating on decentralized exchanges (DEXs).
In a Feb. 20 bid, the group of workers clarified that each one Pi trading pairs at the moment listed on these platforms are unauthorized and can also merely be segment of scams designed to deceive investors.
In step with the group of workers, Pi Network has no longer licensed any token listings on DEXs. The warning stressed out that any Pi token on hand on DEXs for the time being is illegitimate. It strongly in actual fact helpful customers to lead determined of those tokens, as trading them may perchance perchance perchance lead to financial losses.
It added:
“Pi Network strongly recommends that you simply chorus from taking fragment in any most up-to-date DEX trading pairs. At the same time as you choose out to proceed, no matter this warning, you speed the threat of being defrauded, receiving incorrect Pi and losing your money.”
As an alternative, Pi Network in actual fact helpful trading handiest on centralized exchanges which have efficiently passed its Know-Your-Industry (KYB) verification direction of. The community known OKX, Bitget, Gate.io, and Pionex as the handiest licensed platforms.
Faux Pi tokens and rip-off allegations
The cautionary bid follows reports of incorrect Pi tokens emerging on diverse DEXs and meme token launchpads be pleased Pump.stress-free.
Critically, a Pi-branded meme token launched on Pump.stress-free bigger than a week ago noticed its market price crumple after the respectable Pi token went stay. In step with info from Pump.stress-free, its market capitalization plunged from $5 million to roughly $112,142.
On the similar time, the right Pi token has furthermore suffered a pointy mark drop. Since its respectable liberate on Feb. 20, its price has plunged by over 60%. CryptoSlate’s info reveals that PI is trading at around $0.66, drastically down from its $2 high recorded at inaugurate.
This dramatic decline is seemingly pushed by intense promote stress from prolonged-term miners who had been accumulating the asset for over six years.
Within the intervening time, Bybit CEO Ben Zhou furthermore described the Pi venture as a rip-off and requested the group of workers to take care of any controversies surrounding it.
In step with him:
“Bybit had made no itemizing seek info from to PI, and the grunt that PI refused bybit itemizing or Bybit did now not pass some form of KYB of PI is fully nonsense. If the venture is legit and straight up, then it's main to reach forth and address these reports so all americans can mark, but as an different, you choose out to invent up shit and invent these childish assaults with out a ground.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's capacity. He imparts insights on a differ of subjects be pleased DeFi, hacks, mining and custom, underlining transformative energy.
On this article
Bybit
Bybit is a cryptocurrency derivative trading platform established in March 2018 and registered in the BVI.
OKX
OKX is a world-main digital asset trade, offering evolved financial services to world traders by the utilization of blockchain technology.
Bitget
Bitget is a Seychelles-based fully cryptocurrency trade platform established in 2018 that affords services for trading diverse digital property.
Ben Zhou is the co-founder and CEO of Bybit, a cryptocurrency derivatives trade headquartered in Singapore.
Source credit : cryptoslate.com
