Pi Network warns against Huobi’s unauthorized Pi token listing

On Dec. 29, crypto exchange Huobi Global revealed the listing of Pi, the native token of the Pi Network. In the 24 hours following the announcement, the Pi token cost rose 461.3%from$44.03 to $232.97 at the time of writing, according to CoinGecko information. In addition, the token cost reached an all-time high of$ 307.49 on Dec. 30, information from CoinGecko indicates.However, the Pi

Network warned versus noting its token on Huobi and other exchanges on Dec. 29. According to CoinGecko information, Pi is likewise currently available for trading on the central exchange XT.COM. In addition, CoinMarketCap data show Pi is likewise readily available for trading on Hotcoin Global, BitMart, and SuperEx crypto exchanges.According to the Pi Network statement, its Pi token was noted” without the consent, authority or involvement of Pi

Network.” It added that Pi is not approved by the network for trading or listing on any exchange.Stating that Pi Network was not involved with any listings, the network asked Pi miners, called Pioneers, not to engage with the unapproved listed tokens.Pi Network

clarified that its token remains in an’ Enclosed Network’duration, throughout which the trading of Pi on exchanges is “clearly restricted.

“Therefore, trading Pi tokens on exchanges would violate Pi Network’s policies, it cautioned in the statement.According to the network, the’ Enclosed Network ‘duration is a tactical choice to concentrate on structure community energies and attaining mass KYC/migration. This is necessary to constructing a feasible environment before the launch of the open mainnet, the network said.Pi Network also stated that it has actually requested the Pi listings to be removed and is”assessing extra actions concerning the 3rd parties and exchanges.”A Reddit user called Huobi’s Pi listing a”rip-off, “and said the Pi tokens might not be transferred into exchanges from the wallet. Therefore, the tokens are comparable to a promissory note that the user declared may or might not be honored.”

The real price of PI is in cents,” the Reddit user composed, adding,”It’s actually disgraceful for Houbi to do something like this. “The unapproved Pi token reached a trading volume of$46.8 million on Huobi, becoming the most traded token on the exchange over the past 24 hours, CoinGecko data suggests. The phony Pi token likewise saw a$2.17 million trading volume over the previous 24 hours on XT.COM, as per CoinGecko.

While Huobi and other exchanges will likely be required to delist Pi, countless financiers stand to lose millions cumulatively from trading the supposed phony token.Posted In: Huobi, Exchanges, Tokens, Trading Recent Pi Stories Cardano’s explosive DeFi growth|Twitter Spaces with Muesliswap News Desk · 1 month back · 2 minutes checked out How Dogecoin could become the currency of the internet according to Robinhood CEO Samuel Wan · 9 months back · 2 min read This crypto scammer wound up scamming himself on PancakeSwap Samuel Wan