What will likely happen to the Pi IOU tokens that have been trading on some exchanges:
IOU Settlement or Conversion (if exchange supports it)
Some exchanges that offered Pi IOU trading may allow 1:1 conversion to real Pi tokens.
This depends on whether the exchange has secured actual Pi tokens to settle the IOUs.
Delisting and Expiry (if no real Pi backing)
If an exchange listed Pi IOUs without plans for real Pi support, the IOU tokens may become worthless and delisted.
Traders holding IOUs might lose their investment if the exchange does not honor a conversion.
Massive Price Fluctuations
IOU tokens were purely speculative and often traded at inflated prices.
When real Pi tokens become available, the market will correct, potentially crashing IOU token prices.
Exchange-Specific Policies
Some exchanges might cash-settle IOU holders instead of giving real Pi tokens.
Others might allow trading IOUs against real Pi for a limited time.