TL;DR
- Kim Wong defended Pi Network’s legitimacy, highlighting its global adoption and compliance with identity regulations.
- Doubts persist regarding its referral-based mining model and an alleged data breach in 2021.
- Its token has gained presence on exchanges like OKX and Bitget, while rumors about a possible Binance listing continue to grow.
Pi Network remains at the center of debate as its Mainnet launch approaches. While some analysts emphasize its potential and growth, others continue to question its model and background.
Kim Wong, a cryptocurrency specialist, defended the project’s legitimacy, highlighting its global adoption, decentralized infrastructure, and compliance with identity regulations. According to his data, the network has over 100 million registered users, with 65 million active participants and 19 million who have completed the verification process. Wong claims that Pi Network has provided financial access to people in more than 200 countries and that its blockchain enables fast transactions without high costs.
Pi Network: Data Breaches and Scams?
Despite these arguments, doubts remain about its referral-based mining model, which some compare to a pyramid scheme. Previous concerns have also resurfaced, including an alleged 2021 data breach that affected thousands of Vietnamese citizens. Although the project team denied any involvement in the incident, the controversy has continued to fuel skepticism within certain parts of the community. Some critics have also pointed out that Pi Network’s team appears to have accelerated its development due to recent regulatory changes.
Amid these discussions, the platform has gained greater visibility in the market. Recently, its official account on X surpassed Ethereum in follower count, reinforcing public interest in the project.
Exchanges Show Growing Interest
Additionally, several exchanges have started supporting the Pi token. OKX, Bitget, MEXC, and HTX already allow trading, while Gate.io recently joined the list. Bitget launched an airdrop of 150,000 tokens to attract users, and Gate.io introduced a staking option where investors can stake their tokens in exchange for rewards. However, these services are not yet available to U.S. customers.
The project’s growth has sparked speculation about a possible Binance listing. If confirmed, this could boost the token’s liquidity and attract both institutional investors and retail traders. Binance is the world’s largest exchange, so its involvement would enhance the project’s credibility and potentially impact the token’s value. For now, Pi Network continues to move forward, though skepticism about its model and past remains
