Pi Network has become a breeding ground for scams and deception. Many players attempting to exchange the virtual currency “Pi” have fallen victim to fraudulent schemes, resulting in the loss of their hard-earned money.
According to the report, numerous accounts have been identified posting on Pi Network’s Facebook groups, claiming to buy Pi at inflated prices and asking users to transfer the currency first before receiving payment. However, once the sellers transfer their Pi, the accounts vanish, leaving them with nothing to show for their efforts.
The report also highlights the complexity of the Pi Network’s operations, with the project still in the “closed mainnet” phase, meaning transactions can only occur between players and not on cryptocurrency exchanges. This legal gray area has made it challenging for authorities to address the issue effectively.
The Ministry of Public Security has acknowledged the growing concerns, stating that the operations of cryptocurrency models like Pi have become “exceedingly complex and unmanaged.” Police forces in multiple localities are now investigating activities related to the Pi cryptocurrency.
As the Pi Network continues to attract growing interest, it is crucial for users to exercise caution and be vigilant when engaging in any transactions.
Also Read: Hollywood Inks Deal to Curb AI Exploitation
