OK announced the launch of the controversial project Pi Coin, a decision that raises doubts about its professional judgment. This project has been fraught with risks since its inception, yet it now dons the guise of blockchain to appear on legitimate platforms, and the underlying risks deserve vigilance.

What is most concerning about Pi Coin is its promotion model. Users must recruit others to increase their earnings, creating a pyramid structure. Although the project claims no fees, it profits indirectly by collecting users' private information. Our country's laws explicitly prohibit multi-level distribution above three tiers, and the gameplay of Pi Coin obviously skirts the edge of legality. Once deemed to involve fraud, all participants may be held accountable.

The project's technical issues are equally severe. The development team has repeatedly delayed the mainnet launch, and the codebase has not been made public to this day. The so-called "mobile mining" is merely clicking on the screen to obtain digits, with no real blockchain verification process. The apps in the app store have never undergone professional security testing, posing a significant risk of user privacy leakage.

Even more dangerous is the token distribution mechanism. Early users have already hoarded astronomical amounts of tokens (a total of 100 billion), and when trading is truly opened, a collective sell-off could likely occur, leading to a price collapse. While some platforms have seen futures prices soar to $100, at this valuation the entire project’s market cap would exceed Bitcoin's by eight times, which is clearly bubble speculation.

Currently, the cryptocurrency market is moving toward regulation, and projects like Pi Coin, which rely on brainwashing marketing and false promises, will ultimately be exposed. Exchanges accept such air coins to earn transaction fees; although they may profit in the short term, in the long run, they are overdrawn on the industry's credibility. It is crucial to remain clear-headed and not be deceived by the gimmick of "free mining"; beware of becoming the last person holding the bag in a game of hot potato.