Is Pi Network a Scam? The Debate Continues Despite Its Current Developments
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Is Pi Network a scam? This has been a long-standing debate in the digital assets space, and various industry stakeholders have shared their opinions on this. While the crypto network is actively developing in 2025 to create a user-friendly environment and spread wide-scale adoption, the controversy is yet to be settled.
Understanding Pi Network
Pi Network was initially launched in 2019 by a group of Stanford graduates, aiming to make crypto mining accessible to everyone through a simple app on mobile. With promising services through smartphone apps, it accumulated a vast number of users. However, after some time, the project faced continuous criticism, which led to its exclusion from major crypto exchanges.
What Are the Major Red Flags in Pi Network?
- Lack of transparency: One of the key reasons for Pi Network’s banishment from crypto exchanges is its lack of transparency. As the blockchain is not transparent, users find it difficult to assess the safety capabilities of the system.
- Data Privacy and Risk: Its lack of public evidence demonstrates that Pi Network has undergone a security audit by a third party. Without an audit, the project is viewed as unverified and exposes users’ private information and data to potential risks.
- Lack of Technical Conditions: Pi Network encourages a pyramid scheme for its promotion, meaning users are encouraged to invite others to increase the mining speed. While it primarily focuses on expanding the network, the valuable technical services and conditions remain absent.
Early this year, Bybit CEO Ben Zhou and a few other crypto experts labelled the Pi Network project a scam. Zhou explicitly said, “Yes, I still think you are a scam, and no, Bybit will not list scam.”
While Zhou shared his opinion about the crypto network openly on X, other crypto exchanges like Coinbase and Binance indicated their views by excluding Pi Network from their crypto listings. Additionally, many other crypto experts continuously call on Pi Network’s lack of security measures and its potential risks that linger over users.