Fake Pi Coin Listed for trading on exchanges

For those who've spent some time in the Crypto space , one of the dangers that constantly lurks in the shadows is scam tokens or honeypots. Honeypots usually do not make it to the listing phase for trading in centralised exchanges. They are often snuck into decentralised exchanges where unsuspecting individuals purchase them only to later realise that such tokens cannot be sold thus being virtually worthless.

It is therefore alarming when centralised exchanges will go ahead to list a fake token except of course they have a lot to gain from listing such token. This is the case with the Pi token. Some exchanges began listing a Pi token which turns out to be fake in late December, 2022. The erring exchanges are :

1.Huobi

2.SuperEx

3.Biconomy

4.CoinW exchange

For those who have interacted with these exchanges , this listing of a fake token is indeed a big red flag as to their level of due diligence in listing new tokens or trading pairs. One would have expected them to reach out to the Pi Network as its owners aren't anonymous but apparently this wasn't done hence the listing of the fraudulent coin.

The Pi Network has since issued an official statement distancing itself from any Pi coin that is being presently traded.

See the statement from Pi Network below:

"Pi Network is aware of reports that several unauthorized third party exchanges, and potential unknown third parties, are seeking to list Pi or tokens purporting to be Pi, or some purported derivative of Pi, without the consent, authority or involvement of Pi Network.

It is important to reiterate that Pi is currently in the Enclosed Network and is not approved by Pi Network for listing on any exchange or for trading, and Pi Network was not involved with any of these purported postings or listings.

Currently, Pi Network recommends to all Pioneers and potential Pi users not to engage with any of these exchanges or third party actors as their actions are not affiliated with Pi Network, and could result in substantial loss or damage to Pi users. Pi Network is also requesting these posts and exchange listings removed, and evaluating additional actions with respect to the third parties and exchanges.

In the interim, it is important to reiterate that the transaction of Pi through an exchange is explicitly prohibited during the Enclosed Mainnet period, and doing so would be a violation of Pi’s policies.

The unique innovative design of Pi’s Enclosed Network period is a strategic choice to build a network of true substance and utilities with the best interest of the network, the community and individual Pioneers in mind.

The current Enclosed Network period of Mainnet allows Pi Network to focus on two priorities: mass KYC/migration and ecosystem utilities-building. Both are essential steps towards our ultimate objective of building a viable ecosystem to get ready for Open Mainnet."

One thing is clear, the creators of the fake Pi token as well as the exchanges that are working with them are exploiting the hype that has followed the 'unofficial' peer to peer trading that has been going on with the genuine Pi token.

It is only a matter of time before the fake token loses steam and takes a dramatic nose dive in terms of value which is apparently already in the works.

Remember information and the RIGHT one at that is important in the crypto space hence the need to always do your research and stay safe.

Thank you for reading.