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The fake Pi token reached a trading volume of $46.8 million on Huobi, becoming the most traded token on the exchange over the past 24 hours.
Cover art/illustration via CryptoSlate
On Dec. 29, crypto exchange Huobi Global announced the listing of Pi, the native token of the Pi Network. In the 24 hours following the announcement, the Pi token price surged 461.3% from $44.03 to $232.97 at the time of writing, according to CoinGecko data. In addition, the token price reached an all-time high of $307.49 on Dec. 30, data from CoinGecko indicates.
However, the Pi Network warned against listing its token on Huobi and other exchanges on Dec. 29. As per CoinGecko data, Pi is also currently available for trading on the centralized exchange XT.COM. Furthermore, CoinMarketCap data show Pi is also available for trading on Hotcoin Global, BitMart, and SuperEx crypto exchanges.
According to the Pi Network statement, its Pi token was listed “without the consent, authority or involvement of Pi Network.” It added that Pi is not approved by the network for trading or listing on any exchange.
Stating that Pi Network was not involved with any listings, the network asked Pi miners, called Pioneers, not to engage with the unauthorized listed tokens.
Pi Network clarified that its token is in an ‘Enclosed Network’ period, during which the trading of Pi on exchanges is “explicitly prohibited.” Therefore, trading Pi tokens on exchanges would violate Pi Network’s policies, it warned in the statement.
According to the network, the ‘Enclosed Network’ period is a strategic choice to focus on building ecosystem utilities and achieving mass KYC/migration. This is essential to building a viable ecosystem before the launch of the open mainnet, the network said.
Pi Network also said that it has requested the Pi listings to be taken down and is “evaluating additional actions concerning the third parties and exchanges.”
A Reddit user called Huobi’s Pi listing a “scam,” and said the Pi tokens could not be deposited into exchanges from the wallet. Therefore, the tokens are equivalent to a promissory note that the user claimed may or may not be honored.
“The actual price of PI is in cents,” the Reddit user wrote, adding, “It’s really shameful for Houbi to do something like this.”
The unauthorized Pi token reached a trading volume of $46.8 million on Huobi, becoming the most traded token on the exchange over the past 24 hours, CoinGecko data indicates. The fake Pi token also saw a $2.17 million trading volume over the past 24 hours on XT.COM, as per CoinGecko.
While Huobi and other exchanges will likely be forced to delist Pi, thousands of investors stand to lose millions cumulatively from trading the purported fake token.
Monika first started reading about crypto in 2020 and kept going deeper and deeper down the rabbit hole. While she is always skeptical of new projects, she earnestly believes blockchain and the crypto industry can bring relief to some of the most pressing problems of our time, including financial inequality and transparency. She is a voracious reader, and her fondness for food only rivals her love for books. Monika was previously a reporter at Jumpstart Media and Forkast News.
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