Joaquina Felske TMEY
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Amazon and Samsung are taking legal action against Pi Network for trademark infringement!
Amazon and Samsung Prepare to Sue Pi Network for Trademark Infringement
Nicolas Launches Domain Auction Involving Major Brands
On the morning of March 15, Nicolas Kokkalis – the founder of Pi Network – announced a domain name auction using the ".pi" extension. Notably, the auction included domain names related to well-known brands such as Amazon.pi and Samsung.pi, valued at 30,000 Pi ($90,000) and 45,000 Pi ($130,000), respectively. Participants must purchase or hold Pi tokens to participate in the auction.
According to Pi Network, around 300 domain names were registered by Nicolas between 2018 and 2020, many of which resemble trademarks that are legally protected worldwide.
Amazon and Samsung Prepare Legal Action
The auctioning of trademarked domain names such as Amazon and Samsung constitutes a serious violation of intellectual property rights and brand protection laws. Analysts suggest that Amazon and Samsung are likely to take legal action to protect their interests, as they have previously sued individuals and organizations for trademark infringement.
Those who purchase domain names like Amazon.pi or Samsung.pi may risk losing their investments and even face legal consequences for participating in trademark infringement.
Uncertainty Within the Pi Network Ecosystem
After six years of existence, Pi Network has yet to establish itself as a fully functional blockchain. Statistics indicate that only 15% of accounts are allowed to trade Pi on the market, while 85% of accounts (equivalent to 45 million users) remain stuck at the KYC verification stage or encounter Issue #9, preventing them from reapplying for KYC verification.
Notably, some experts suspect that Nicolas deliberately created artificial scarcity to maintain Pi’s value while forcing users to buy more tokens to participate in the domain name auction. This raises concerns that the auction could be a manipulative scheme designed to extract more investment from users.
Additionally, the promise of over 100 DApps launching on the Mainnet has yet to materialize. This further erodes community trust in the project, leading to questions about its transparency and sustainability.
What Lies Ahead for Pi Network?
With these recent developments, Pi Network faces not only potential legal action from Amazon and Samsung but also growing skepticism from its user base. If major corporations proceed with lawsuits, the project could plunge into a severe crisis, negatively impacting the value of Pi tokens and investor confidence.
Can Pi Network overcome these challenges, or is this the beginning of the end for one of the most controversial cryptocurrency projects in the world?
#pinetwork
Nicolas Launches Domain Auction Involving Major Brands
On the morning of March 15, Nicolas Kokkalis – the founder of Pi Network – announced a domain name auction using the ".pi" extension. Notably, the auction included domain names related to well-known brands such as Amazon.pi and Samsung.pi, valued at 30,000 Pi ($90,000) and 45,000 Pi ($130,000), respectively. Participants must purchase or hold Pi tokens to participate in the auction.
According to Pi Network, around 300 domain names were registered by Nicolas between 2018 and 2020, many of which resemble trademarks that are legally protected worldwide.
Amazon and Samsung Prepare Legal Action
The auctioning of trademarked domain names such as Amazon and Samsung constitutes a serious violation of intellectual property rights and brand protection laws. Analysts suggest that Amazon and Samsung are likely to take legal action to protect their interests, as they have previously sued individuals and organizations for trademark infringement.
Those who purchase domain names like Amazon.pi or Samsung.pi may risk losing their investments and even face legal consequences for participating in trademark infringement.
Uncertainty Within the Pi Network Ecosystem
After six years of existence, Pi Network has yet to establish itself as a fully functional blockchain. Statistics indicate that only 15% of accounts are allowed to trade Pi on the market, while 85% of accounts (equivalent to 45 million users) remain stuck at the KYC verification stage or encounter Issue #9, preventing them from reapplying for KYC verification.
Notably, some experts suspect that Nicolas deliberately created artificial scarcity to maintain Pi’s value while forcing users to buy more tokens to participate in the domain name auction. This raises concerns that the auction could be a manipulative scheme designed to extract more investment from users.
Additionally, the promise of over 100 DApps launching on the Mainnet has yet to materialize. This further erodes community trust in the project, leading to questions about its transparency and sustainability.
What Lies Ahead for Pi Network?
With these recent developments, Pi Network faces not only potential legal action from Amazon and Samsung but also growing skepticism from its user base. If major corporations proceed with lawsuits, the project could plunge into a severe crisis, negatively impacting the value of Pi tokens and investor confidence.
Can Pi Network overcome these challenges, or is this the beginning of the end for one of the most controversial cryptocurrency projects in the world?
#pinetwork
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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