Welcome to the Chaos Pi Coin – Crupto $ 12B, a rumor on the list of bineness, a frustrated community and executive director that calls it Ponzi

Pi coin recently hit $ 12 billion market, but with disappearing tokens, unsuccessful migration and bynance rumors, is the beginning of something big – or the beginning of a slow collapse?

Wild driving Pi Coin’s market

PI NetworkThe ambitious project of a mining smartphone who claims that he collected impressive of 60 million users, it achieved something that sometimes misunderstood – the full Mainnet launch and debut from the duration of the token.

When the Pi Coin (Write) He officially made his way to exchange 20. February, the response to the market was nothing short of the roll. At first at approximately $ 1.45, token he jumped For more than 35% in less than an hour, reaching the top of $ 2.10.

However, as fast as it increased, the excitement began to fading within a few hours within 1.01 dollars, reducing market capital to $ 7.02 billion.

Quick forwarding a few weeks, and Pi coin began showing signs of stability, although not without his fairlying fist fluctuations. From 12. Marta, the price sits to $ 1.71, which represents approximately 45% drop than their all times of $ 2.99 26. February.

Nevertheless, the Token Market Hat has grown significantly, now stands at 12.26 billion dollars. This rush started Pi Coin become 11. The largest crypto in the Capa-impressive feat for a project that has only recently become trading.

But it is not the only surprise. During the past 24 hours, PI coin defied the wide bear market, publishing 20% win – highest among the top 100 cryptocurries. With the volume of trading more than $ 500 million, the most important coins became.

The rapid increase in Pi Netlessle drew the comparison of past viral sensations such as Safemoon, who gained to traction through aggressive marketing and changing. But is Pi’s swing sustainable or is it just another naughty port?

We dive and explore what happened from Mainnet’s place from Pi Coin’s and release tokens – and how he climbed on his way to become 11. the most valuable cryptocurrency.

A troubled experiment or next cripto fallout?

PI Network was born from simple but ambitious visions – to make Crypto Mining Available everyone with a smartphone.

Stanford Graduated Dr. Nicolas Kokkalis et al. Chengdiao, the project allegedly founded, the project sought to remove the barriers of traditional mining, which requires expensive hardware and high energy consumption.

Instead of relying on Proof of work As Bitcoin (Btc), PI Network adopted the Stellar Consensus protocol, allowing users to minim coins with minimal energy use by a simple touch of a daily button.

This low effort model encouraged fast adoption, attracting millions through a referral based based on basis. Although this growth strategy has left the purchase of users, it also drew criticism for reminiscent of the multi-layer marketing scheme, as users earned additional rewards for bringing new participants.

After years in development, PI Network finally opened its Mainnet 20. February, marking its original token, PI coin can be transferred and traded by exchanges.

This transition was monitored by the test phase that began with closed presented network in December 2021. years, where users verified KIC could communicate in ecosystem, but did not have access to external trading.

The transition to open Money was a temporary point, running the wave of exchange. Ok became The first main support platform for PI, by opening deposits 12. February and starting the store at the time of 20. February.

Other exchanges, including Bitget, Gate.IO and MEXC, followed, with Gate.IOs that appear as a dominant trade hub, processing Over $ 200 million for the scope of trade in the last 24 hours.

Despite the fast rise, the PI coin remains absent from superior exchange such as bynance, coinbass, Upbit and Kraken, holding it outside the largest liquidity pools.

Adding fuel to speculation, rumors circulate that bynance can state the PI coin at 14. Marta – a date that is also included with the PI day and a six-year anniversary project.

Although no official confirmation has been made, the possibility injected fresh excitement to the market, and many believe that many believed binning could be a game exchanger for PI liquidity and mainstream credibility.

BITIBIT CEO Calls PI Network Fraud

The launch of PI coins may have been the main moment for your community, but it did not come without controversy.

Bibit, one of the largest crypto exchange that was recently in the heads of the victim to 1.5 billion dollars hackHe gave it clear that he did not want to do it with Pi, and the whole Ben Zhou even did not go so far as he called the scam.

According to Zhou, Pi Networks raised red flags, especially about the privacy of data and losses of pensions, encouraging skepticism on the real nature of the project.

Zhou also made sure that Bibit never asked to list the Pi and that any claims suggested in some other way they were useless.

Backlash from Pi communities was immediate, but Zhou remained firm, doubling in interview With VNEXpress 9. Marta. He compared Pi Memecoins, but he claimed that it was far more dangerous.

Scroll, in his opinion, business with complete awareness of their speculative people who trade them knowing that they are unstable and risky. PI, on the other hand, allegedly seduce users of promise of simple money through a simple mining mechanism that lacks transparency.

Zhou pointed out that, despite the requirements of PI networks to support the team with Stanford Connections, no one has ever seen or heard from this figure in a way that would confirm the credibility of the project.

He also caused Pi-this management to appear and provide transparency, instead of initiating what he described as useless attacks on him and Bibit.

In addition to these concerns, Zhou also suggested that PI network functions in a way reminiscent of ponsion, where premature adoptive parents use newer participants.

He even expressed doubt through the long-term sustainability of the project, pointing out that he had existed for years, but failed to deliver key promises.

Although the Pi Netlessness model is a way to democratize mining, it has yet to explain how its ecosystem generates a sustainable value, leaving many users, leaving many users, and many users have nothing despite mining.

The Pi Network replied with their own statement, trying to set up a record directly. The team distanced from the Chinese warning police, claiming that it was aiming bad actors that false using PI name, not just a PI network.

According to the PI team, the warning had nothing to do with the basic team, but also with bad actors falsely using the name PI for the implementation of unauthorized activities.

They also rejected all allegations of abuse, emphasizing that the project methodically managed in the past six years to build a legitimate ecosystem.

They continued to deny any affiliation with the order of social media, which attacked Zhou, emphasizing that neither Pi Network nor her team commented on Bibit or her lead.

Disappearing tokens, delayed migration

The excitement surrounding the launch of Pi Coin’s quickly gave precise to frustration, because the installation of concerns about security and migration issues, the project under intensive supervision.

“PI is a scam !!!!” One user was torn on social media after watching her PI balance disappear after unlocking. Frustration is deepening as more loyal users of Pioneers-Pionica – looking at their years of accumulated tokens disappear without recourse.

“One very sad thing happens to naive pioneers,” another user wrote. “The moment of their PI unlocks, it moves straight in return.”

Many victims are unconsciously associated with fake PI sites in the past, only that those old mistakes have returned and persecuted them now that their tokens are finally becoming portable.

“Reflects for fraud are now really well made,” One user pointed out, warns that current setting allows you to imitate PI browser too easily. “Even experienced people can fall to those fake locations.”

But frustration does not stop security issues. Many pioneers also deal with different headaches in full: a constant fight to migrate Their Pi on Mainnet before 14. Marta 08:00 UTC Deadline.

“I finished the Mainnet checklist. I was waiting a few weeks to migrate,” one pioneer leched. “I tried everything to solve this problem. Pi didn’t do anything to help. This needs to be determined or the deadline should be extended.”

The BlocCchain developer even directly called the PI network, inviting its migration processes “false and deceived” and calls regulators to investigate.

Pointed out that while they were blocked like a solane (Salt) and the polygon (Gender) It can deal with thousands of transactions per second, users are waiting for months – some even years – just to move your tokens.

“You can’t see their infrastructure. You can’t see the line okay. There is no decentralization. It’s just a basic team that controls everything, said.”

In addition to technical problems, millions of users have handed sensitive personal data, including passports and government IDs, to pass KIC-though, yet are forced to wait for indefinite time to access their means.

“Their application creates money from ads,” BlocCchain programmer pointed out. “Is the Pi Network that just benefits us for profit as we pretend that it is a real project blockchain?”

Adding frustration is handling the PI network of the situation. The basic team remains largely silent, issues occasional statements, but offering little on the path of direct solutions.

While Pi’s defenders insist that these delays are part of a structured rollover, critics claim that after six years of development they will be abolished thinly.

In just a few days until the migration deadline, the situation reached the boiling point. Some require immediate repairs, while others call for regulatory action, reporting PI networks to authorities such as SEC and FTC.

And then there are those who, despite the installation issues, continue to believe in the vision of the project, and they hope the basic team will be able to turn things.

But if PI Network does not start to address these problems – if users continue to be migration, and trust is still eroding – it may not start starting not to start and not even its most loyal supporters.