Is Pi Network a scam? What you need to know

2 mins
1 April 2021, 14:59 GMT+0000
Updated by Levy Prata
8 August 2022, 18:03 GMT+0000

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Pi Network is a Cryptocurrency designed for everyday people that allows users to mine Pi Coin on their mobile and desktop devices.

It has minimal barriers to entry and appears to be relatively risk-free based on its high-level Whitepaper, strong founding team, flourishing social media community and an ever-growing network of over 15m miners, or “pioneers”.

However, Pi Network has faced its fair share of controversy recently, with rumours circulating that the product is a scam.

First, their website provides minimal information on the coin and its function, with vague, bland statements littering their simplistic website.

The mobile application has also come under fire. The app is rated 4.5 stars with over 250k reviews, although many seem dubious, and look to be written by bots copying a script.

Referral links are heavily spammed across the review section, as referral invites are required to access and sign-up to Pi Network.

Incentives like boosted earnings potential are also given to users to achieve as many referrals as possible.

Also, any Pi coin that is mined currently cannot be withdrawn until Phase 3 of their main net, which has an unconfirmed launch date, is released.

This model closely resembles an MLM or pyramid scheme, which are notorious for being fraudulent projects, so approach Pi Network with caution and due diligence.

Cloud-mining projects can provide users with a reliable source of passive income and an easy way to get started in the Cryptocurrency industry. You can learn more about these projects by clicking here.

However, if cloud-mining products don’t appeal to you, you can always try the old-fashioned way — Investing in and trading Cryptocurrencies on a reliable exchange.

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