Exposing the Sophisticated Hoax of Pi Network: 'Mining Project' or a Professional Scam Model?
For over 6 years, Pi Network – a self-proclaimed cryptocurrency mining revolution through mobile phones – has attracted more than 65 million participants worldwide. However, behind the technological facade and vibrant community lies a series of signs indicating a sophisticated, organized, and clearly purposeful scam model from the founders.
KYC Being Deliberately Suspended – 55/65 Million Accounts do not receive Pi despite having KYC since 2022
One of the most absurd tricks of Pi Network is how they handle the identity verification process (KYC). Despite promising the receipt of Pi after completing KYC in 14 days, over 55 million users who have KYC since 2022 have still not received any Pi. Meanwhile, the app continues to 'suspend' tens of millions of accounts that have not been KYC'd – causing the amount of Pi in the system to be almost frozen, unable to withdraw or use.
According to the vague roadmap provided by the development team, even if users receive Pi in 2025, they will have to wait until 2028 to trade. By that time, the Pi token is likely to be just a 'junk token' with a value approaching 0.001 USD/Pi, if not completely worthless.
The Pressure to Buy Pi Through the Banxa Wallet – An Escape Route for the Founder to 'Unload'
While millions of real users do not receive Pi, Pi Network quietly opened an indirect trading channel through the Banxa wallet – where users are required to buy Pi with real money to unlock the wallet. Ironically, KYC through Banxa only takes 3 minutes and faces almost no barriers. This raises the question: Why is one KYC extremely easy, while KYC of Pi Network has been suspended for years?
Many pieces of evidence and analyses from the community show that most of the Pi being sold on exchanges does not come from real users but may be generated from a series of fake accounts controlled by the Pi development team. In this way, the founder – believed to be Nicolas Kokkalis – can quietly 'unload' in the coming years without worrying about community suspicion, as real miners still cannot withdraw Pi to the market.
Warning from Experts: Pi Is an Organized Scam Project
Fortunately, major exchanges like Bybit and Binance have warned users that Pi is a non-transparent project with a high risk of fraud. They refuse to list Pi on official exchanges and emphasize that current Pi transactions only occur on unofficial exchanges, without protection and carrying the risk of losing all assets.
Conclusion
Pi Network is fully displaying signs of a purposeful scam model: KYC suspension, token confiscation, forcing the purchase of fake coins from the market, and controlling circulation to manipulate value. Users need to be alert and cautious before the hollow promises of a 'digital currency revolution,' which is actually just a sophisticated trap set up by those with both technological skills and ambitions to profit from the community's trust.#Piscam 
