Hello everyone, I'm Penny.
1. The promises of Pi Network
When Pi debuted in 2019, it had a simple yet compelling pitch: if you could mine cryptocurrency directly through your phone—no expensive equipment, no hefty electricity bills, just a daily tap on the app.
So it quickly became a hit. Millions joined, attracted by the idea of 'free' mobile mining and the opportunity to get in early. The app made everything simple: register, invite a few friends, click a button every 24 hours, and watch your Pi balance slowly grow. Driven by social referral models, soon there were over 70 million registered users worldwide.
2. What does Pi Network offer?
The roadmap was supposed to be progressive: starting with mobile mining, then gradually advancing to testnet, KYC deployment, and finally the official mainnet launch, achieving real transactions and utility features. However, this last step has taken longer than anyone anticipated.
After years of delay, Pi finally opened its mainnet and began trading in February 2025. This was supposed to be a huge victory. However, progress has not gone smoothly. First, not all users could migrate their balances. 'Know Your Customer' (KYC) verification became a bottleneck, and many began to doubt when—or if—they would be able to access the tokens they had mined for years.
Then there’s the price issue. When Pi first traded on external platforms, the price soared, reaching $2.98 at the end of February. But this hype did not last long. As early adopters began to sell their tokens, and with actual use cases still scarce, the price plummeted. By early May 2025, Pi had dropped to around $0.58, with a market cap evaporating by over 70%.
Pi still lacks real utility. You cannot use Pi in many places (only in small community-operated markets and pilot projects). While the team talks about building a complete ecosystem of applications and services, it is currently unclear how fast the progress is—or if there is any progress at all.
3. Why the cryptocurrency community has become skeptical
Over time, more and more warning signs started to emerge, and the community began to raise some sharp questions.
1. Still waiting for the mainnet
Pi launched in 2019, and for years users have been told that the open mainnet was 'just around the corner.' First, there was the testnet, then a 'closed mainnet,' followed by roadmap updates. The real open network did not arrive until early 2025—six years later. By then, many early believers had begun to lose faith.
2. All roads lead to the core team
Despite talking about decentralization, the reality is that the Pi Core team has almost complete control over the project.
Each active mainnet node? Controlled by them.
Most of the token supply? Still in their hands.
For cryptocurrency users who believe in distributed energy and community-driven networks, this feels inappropriate. Currently, Pi feels more like a private company rather than a decentralized protocol.
3. Where is the transparency?
Another sticking point is the lack of details on how Pi operates under the hood. The white paper is vague. There is no clear breakdown of token economics, no timeline for token unlocking, no burning mechanism, and no in-depth analysis of supply control. Without this information, it is difficult for anyone to assess the project's health or future value.
4. Exchange listings
Despite being highly touted for years, Pi has yet to be listed on mainstream exchanges like Binance or Coinbase. While it can be traded on platforms like OKX and Bitget, even there, the situation is unstable. Some users report that they cannot withdraw their tokens, with exchanges blaming 'traffic surges' and other vague technical reasons. Everything seems rather fragile.
For example, a user on Bitget reported that he deposited 1,500 Pi tokens but found he could not withdraw them, and there was no clear timeline for resolution. On OKX, withdrawal services were suspended for over 24 hours, and users were asked to provide identity and email verification, but the responses were vague, such as 'Your request will be processed within 24-48 hours.'
By April 2025, users reported that another exchange listing Pi, MEXC, suspended Pi withdrawals, raising concerns about its liquidity and platform reliability. Additionally, reports emerged that MEXC, Gate.io, and Bitget had transferred large amounts of Pi to OKX wallets, sparking suspicions of collusion in price manipulation or issues at the exchange level.
5. Fake trading volume and waning hype
At the peak in February 2025, Pi's trading price was close to $3, with trading volume reaching billions of dollars. A few months later, however, the trading volume plummeted to about $40 million. This crash sparked serious reflection: Is the demand real, or is it inflated by speculation, bots, or internal market makers?
6. Users trapped in a closed loop
Even now, many users still cannot truly use or withdraw their Pi tokens. Due to the inability to use physical exchanges or spending options, they find themselves in a token predicament, watching the numbers in the app rise but unable to exchange them for anything useful.
Pi Network claims to have over 70 million users, but blockchain data shows that there are currently only about 9.11 million wallets, with around 20,000 wallets active daily.
4. Is Pi Network a scam or just a failed vision?
Not all failed crypto projects are scams. Some are just ambitious ideas that ultimately fail. So where does Pi Network stand?
On the surface, Pi does not fit the typical scam pattern. It has not conducted an initial coin offering (ICO) and does not require upfront investment—just an app that lets you 'mine' Pi by clicking your phone every day. The barrier to entry is low, yet it has attracted millions.
But digging deeper, things become more convoluted. The entire system heavily relies on referrals, encouraging users to invite more people to increase mining rates. This structure resembles a multi-level marketing scheme rather than a decentralized crypto project.
Then there’s the monetization aspect. The app is filled with ads, and users need to complete KYC verification and submit personal data. So, while you don’t pay any fees, what you're paying with is your attention and information.
In light of these developments, critics like Bybit CEO Ben Zhou and Cyber Capital founder Justin Bons have publicly expressed doubts about the legitimacy of Pi Network.
Pi Network may not be an obvious fraud, but the combination of opaque operations, aggressive referral strategies, and questionable monetization tactics is undoubtedly concerning.
5. Can Pi recover? Or is it all over?
Does Pi Network have a way forward? Perhaps, but the road ahead is rocky.
First, transparency is crucial. Open-source code allows the community to verify the underlying mechanisms and build trust.
Secondly, Pi needs real utility. Currently, holding Pi does not offer much beyond hoping for future appreciation. Integrating Pi into practical use cases (such as payments or decentralized applications) is necessary to give its tokens utility.
Third, broader exchange listings are crucial. Currently, Pi is only listed on a few exchanges, hindering its liquidity and price discovery. Major exchanges like Binance and Coinbase have yet to list Pi, citing concerns about transparency and regulatory compliance.
Fourth, decentralization cannot just be a slogan. Currently, the Pi core team holds considerable control over the network, which contradicts the principles of decentralization. Implementing decentralized governance would distribute decision-making power and align with the essence of blockchain technology.
But even if all these conditions are met, time is a factor. Since the mainnet launched in early 2025, Pi's price has plummeted, and user participation has declined as well. Rebuilding momentum is challenging.
Without significant changes, the Pi network may gradually be forgotten, with people remembering more of its unfulfilled promises rather than its achievements.
