Preetamkumarpanda
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Bullish
Pi coin plummets 65%, China issues urgent warning! It was suspected of fraud, but the truth is confusing
Pi Network's mainnet was officially launched on February 20, but the highly anticipated crypto project has attracted widespread attention due to a 65% plunge. Currently, Pi coin is trading at only $0.65, and many investors have questioned its legitimacy and future prospects. Initially, Pi Network claimed to be an innovative blockchain that aims to popularize cryptocurrency through mobile phone mining, but there are doubts behind it.
One of the main problems with Pi coin is its referral mining mechanism, which is similar to a pyramid structure (MLM) and encourages users to increase mining income by recruiting downlines. This model has triggered a warning from the Hunan Provincial Public Security Bureau, which has classified it as a scam. In addition, Pi coin has also made the news for defrauding the elderly. Scammers used false promises of getting rich overnight to induce the elderly to download the app, resulting in the leakage of personal information, further exacerbating the controversy of the project.
In 2021, Pi Network suffered a large-scale data leak involving the personal information of about 10,000 Vietnamese citizens. Although Pi Network denied responsibility, the incident undoubtedly dealt a devastating blow to its image.
#BybitSecurityBreach #LitecoinETF #VIRTUALWhale #SECStaking
Pi Network's mainnet was officially launched on February 20, but the highly anticipated crypto project has attracted widespread attention due to a 65% plunge. Currently, Pi coin is trading at only $0.65, and many investors have questioned its legitimacy and future prospects. Initially, Pi Network claimed to be an innovative blockchain that aims to popularize cryptocurrency through mobile phone mining, but there are doubts behind it.
One of the main problems with Pi coin is its referral mining mechanism, which is similar to a pyramid structure (MLM) and encourages users to increase mining income by recruiting downlines. This model has triggered a warning from the Hunan Provincial Public Security Bureau, which has classified it as a scam. In addition, Pi coin has also made the news for defrauding the elderly. Scammers used false promises of getting rich overnight to induce the elderly to download the app, resulting in the leakage of personal information, further exacerbating the controversy of the project.
In 2021, Pi Network suffered a large-scale data leak involving the personal information of about 10,000 Vietnamese citizens. Although Pi Network denied responsibility, the incident undoubtedly dealt a devastating blow to its image.
#BybitSecurityBreach #LitecoinETF #VIRTUALWhale #SECStaking
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