Mambet

Vietnamese authorities have cautioned citizens about the risks tied to the Pi Network, warning that its token lacks real-world utility and remains highly speculative.

On March 2, the Hanoi City police noted a surge in interest surrounding the token, which they attributed to aggressive social media promotions and recent exchange listings following its mainnet launch.

Vietnam Issues Warning on Pi Network Risks and Speculative Nature

The officials warned that Pi Network markets its mining application with unrealistic expectations of continued price increases. According to them, this draws in users who may not fully understand the risks.

The authorities also clarified that cryptocurrencies, including PI, do not have legal asset status in Vietnam. As a result, any disputes or financial losses tied to Pi-related transactions may not be protected by law.

Moreover, the law enforcement agency warned that Pi Network could be misused for fraudulent activities. They highlighted the risk of scams involving fake tokens designed to steal user data and launder money.

“Pi lacks practical applications; its value is self-assigned, leading many to misunderstand its true worth. Some parties might exploit Pi for illegal activities—for example, by creating counterfeit Pi cryptocurrencies to raise funds for fraudulent asset misappropriation, or by developing fake Pi applications to unlawfully collect user data or to gain unauthorized access for defrauding assets or cryptocurrencies in Pi transactions,” the authorities stated.

Additionally, digital assets are not recognized as legal payment methods in the country, and any entity using them for transactions could face penalties or legal action.

“Any individual or organization that uses cryptocurrencies in general, and Pi in particular, for payment activities will be subject to penalties under Clause 6, Article 26 of Decree 88/2019/ND-CP (with fines ranging from 50,000,000 VND to 100,000,000 VND), or may face criminal prosecution under Article 206 of the Penal Code for,” the police wrote.

Considering this, the government urges citizens to verify information before investing and to avoid spreading unverified details on social media. According to the authorities, sharing false or misleading information could result in legal consequences.

“Do not circulate, transmit, or post unverified false information regarding cryptocurrencies in general—and Pi in particular—that could incite public alarm or lead to legal violations,” they added.

This strict regulatory stance aims to protect investors and maintain market integrity. Notably, Vietnamese officials have been scrutinizing Pi Network for years.

Nearly two years ago, they investigated the project, citing concerns over its multi-level marketing (MLM)-like structure and its potential to harm investors.

Meanwhile, the regulatory warning has had an immediate market impact. According to CoinMarketCap data, Pi token prices fell by 18% within the last 24 hours.

PI Network Daily Price Chart. Source: TradingView

Just within a week of its launch, PI had reached an all-time high of $2.98, marking a 20% increase over the past week. Now, it trades at around $1.75, a drop of more than 40% from its peak.

Investors now face uncertainty and must exercise greater caution when dealing with the token.

The post Trump Claims Bitcoin Rose By Almost 4000% During His Tenure, Says ‘Crypto will skyrocket like never before’ appeared first on Coinpedia Fintech News

Donald Trump took the stage at the Bitcoin Conference in Nashville and left everyone amused with his vision for Bitcoin and cryptocurrency. “Bitcoin and crypto will skyrocket like never before, even beyond your expectations, and you are the people that are doing it. As we stop the war on crypto, we will immediately, and we’ll do this very quickly, begin to build our economy because when America is prospering, Bitcoin is soaring, and it’ll go up with it,” he said.

Trump said that during his four-year tenure, Bitcoin experienced an astonishing 3,900% surge, skyrocketing from $898 at the start of his term to $35,900 by its conclusion. This increase marked one of the most significant jumps in any industry. In stark contrast, under the Biden-Harris administration, Bitcoin’s growth, adjusted for inflation, has been a mere 50% over three and a half years. While 50% might typically seem impressive, it pales in comparison to nearly 4,000%. 

He stated that many Americans are unaware that the U.S. government is one of the largest holders of Bitcoin. “Does anyone know that the federal government holds almost 210,000 Bitcoin, or 1% of the total supply that will ever exist? Yet, for too long, our government has violated the cardinal rule that every Bitcoiner knows by heart: never sell your Bitcoin.”

“As part of my plan, I am announcing that if elected, my administration will adopt a policy to keep 100% of all the Bitcoin the U.S. government currently holds or acquires in the future. This will serve as the core of the Strategic National Bitcoin Stockpile. Most of the Bitcoin currently held by the government was obtained through law enforcement actions, often seizing it from individuals. This is where our country is heading—a fascist regime,” he said.

He assured voters he would be the pro-innovation and pro-Bitcoin president America needs, fostering a thriving Bitcoin industry alongside every other sector. Trump said that America has never thrived by censoring new ideas and shutting down dreams, urging the nation to continue pushing boldly ahead. 

Building America’s future with their intelligence, grit, and determination, Trump acknowledged the courage it takes and promised to set them free to do what Americans do best: win. Despite the current challenges, he expressed confidence that with energy, passion, and brilliance, the nation will thrive once more.

Here’s where they are now:

A new Meta emerged last month as celebrities from Andrew Tate to Soulja Boy launched dozens of tokens.

It was so prevalent that even Vitalik commented on it.

For a trend that once dominated the timeline, how did it end up playing out?

For starters, every single coin is down from their all time high with an average decrease of 94%.

Even the best performing ones are down more than 70%, but the extent of the damage is shocking:

Exactly half are down over 99%, with 7 others being down more than 90%.

Let me remind you this is only about a month into their lifespan.

The market-caps don't fare much better:

22 of the 30 have under a $1 million market-cap at the time of writing.

The remaining 8 are listed below:

Some of these tokens remain 'active' in the sense that they're being tweeted about regularly.

For example, Waka Flocka's token is down 99.7% from all time highs and only has a $400k mcap.

Yet he still tweets about it, and has it in his bio.

Would you call this a rug?

With only 40% tweeting about the token at least once in the last week, most have followed the same trajectory of an initial pump, and then nothing.

Only a handful are still earnestly trying to varying degrees of success.

It is unknown where these tokens will be in a year from now.

The numbers don't look good, but to be fair this is true of all tokens.

Web3 is a fickle beast, and even earnest attempts aren't always met with success, but this doesn't excuse the blatant pump and dumps.

Below is a chart of the 30 celebrity tokens launched on Solana in June.

Every single one is down.

Place you bets accordingly.

And If you enjoyed the article:

Make sure to share it , to help spread awareness of the state of these 30 celebrity launches.

#SolanaMemeCoin #RugPull #memecoin🚀🚀🚀 #Whale.Alert #WhaleAlert