Quick Facts:
- User Base: Over 100 million users, with 65 million active and 19 million KYC-verified.
- Exchange Listings: Available on OKX, Bitget, and MEXC, with speculation about Binance.
- Allegations: Criticized for a pyramid-style model and facing data breach accusations from 2021.
- Defense: Analyst Wong calls skeptics uninformed and praises Pi for driving mobile-first blockchain adoption.
The Pi Network faces growing skepticism ahead of its Mainnet launch, with critics questioning its legitimacy. However, analyst Kim Wong has pushed back against these claims, highlighting the project’s global adoption, blockchain security, and KYC compliance as indicators of its authenticity.
Wong points to Pi Network’s over 100 million users, including 65 million active participants and 19 million KYC-verified members, attributing its success to mobile mining technology and a commitment to decentralized blockchain practices.
Despite these endorsements, concerns persist over Pi Network’s referral-based mining model, historical data breaches, and potential legal risks. Critics argue that the project’s structure resembles a pyramid scheme, raising doubts about its long-term sustainability.
In his post, Wong further defended Pi Network, emphasizing its unique benefits, including cross-border transactions, free mobile mining, and a vast user base. He praised Pi Network’s in-house KYC system, which supports regulatory compliance, and described its Layer 1 blockchain as decentralized, fast, and scalable, powering a growing Web3 ecosystem. He challenged skeptics, asserting that few projects match Pi Network’s global adoption and real-world use cases, adding:
“I challenge anybody who can find a crypto network that is as useful and has such an enormous user base in the world as Pi Network among all existing crypto projects.
If you still don’t know what Pi Network is, or if you still think Pi Network is a scam, you are really falling behind and need to catch up!.”
Growing Exchange Traction and Listing Rumors
Despite analyst Kim Wong’s defense, critics remain skeptical of Pi Network, accusing it of resembling a pyramid scheme due to its referral-based mining model. Concerns also linger from a 2021 data breach allegation, where 10,000 Vietnamese citizens’ data was reportedly leaked, though the Pi Network team denied responsibility.
Meanwhile, Pi Network is gaining traction on exchanges. It has surpassed Ethereum (ETH) in followers on X (formerly Twitter) and secured listings on platforms like OKX, Bitget, MEXC, and Gate.io, with some exchanges launching Pi airdrop campaigns.
Speculation is growing about a potential Binance listing, which, if confirmed, could significantly boost Pi’s liquidity and attract institutional investors. However, U.S. customers remain excluded from participating in these exchange offerings.
