Is Pi Network a Scam? Unveiling the Details – May 2025 Edition

by | November 1, 2024 - 6:31

#Pi-network

Pi Network continues to spark conversations across the crypto space as an ambitious blockchain-based project tailored for mobile use. Launched in 2019, it offers users a way to mine Pi coins with minimal effort—simply by tapping a button on their smartphones once a day. While its innovative approach has garnered millions of users, skepticism surrounds its legitimacy, with accusations of it resembling a pyramid scheme. Here’s an in-depth look at what Pi Network is, and whether it’s a scam, updated for April 2025.

What is Pi Network?

Pi Network remains a mobile-first blockchain project launched in 2019 by a team of Stanford graduates. Its mission is to build the world’s most widely used peer‑to‑peer crypto ecosystem by enabling anyone to “mine” Pi coins with just a daily tap on their smartphone app.

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Despite its massive user base, Pi Network is still in its testing phase. While users continue to mine Pi coins, its actual value and use cases are still unproven, and the open mainnet launch has yet to materialize. Although Pi Network has significant potential, doubts linger about whether it will ever deliver real-world value.

How Does Pi Network Work?

Pioneer: Tap the “⚡” button once every 24 hours to earn Pi.

Contributor: Complete 3–5 mining sessions and add trusted contacts into your “Security Circle” for higher rates.

Ambassador: Boost your mining rate by referring new users with your unique code.

Node: Run the open‑source Pi node software on your computer as a validator.

Mining on Pi doesn’t rely on energy‑intensive Proof‑of‑Work—instead it uses trust‑based validation via “Security Circles.”

Pi Network’s Consensus Algorithm

Pi Network adopted the Stellar Consensus Protocol (SCP), enabling lightweight, mobile‑friendly agreement through mutually trusted nodes (“Security Circles”). While SCP works well on phones, critics note that until the Open Network fully kicks in, you’re accumulating vouchers, not transferable tokens Coinpedia Fintech News.

Storage and Transfer of Pi Coins

Currently, Pi coins are stored within the app, and as of November 2024, users cannot transfer or exchange Pi coins for other cryptocurrencies. This limitation adds to the uncertainty around the Pi coin’s future value. The roadmap indicates these features will be enabled in the third phase after the open mainnet launch. However, the exact launch date remains unclear, and many are left wondering when—or if—Pi coins will ever become usable on crypto exchanges.

Open Network Launch

  • Pi officially entered its Open Network (mainnet) phase on February 20, 2025, enabling external transfers and exchange integrations Bitget.
  • To move coins on‑chain, Pioneers must complete KYC verification and wait for their migration slot.

Current Trading Venues

  • Bitget and select smaller exchanges now list Pi (often as IOU tokens) at around $0.64 per Pi as of April 19, 2025 BitgetCointelegraph.
  • Binance has not listed Pi yet, despite community polls exceeding 2 million votes Cointelegraph.

Ongoing Migration Roadmap

  • In mid‑April 2025, Pi released a three‑phase migration roadmap detailing “core” migrations first, then “referral bonus” and “ongoing” migrations—with no specific dates Coinpedia Fintech News.
  • Users report that the app’s displayed “Transferable Balance” often lags behind actual migrated amounts, adding confusion to the process BeInCrypto.

Is Pi Network a Scam?

One of the most frequently asked questions about Pi Network is whether it’s a legitimate blockchain project or a scam.

Red Flags Still Persist

  1. Timeline Ambiguity
    • Six years after launch, Pi’s roadmap lacks firm deadlines, fueling doubts about when full functionality will arrive Coinpedia Fintech News.
  2. Transparency Gaps
    • No public white paper or detailed technical documentation on tokenomics and reward distribution Coinpedia Fintech News.
  3. Referral‑Heavy Model
    • Pi’s Ambassador program still hinges on inviting new users, which critics compare to a pyramid scheme Watcher Guru.
  4. Selective Exchange Listings
    • Official listings are confined to niche or IOU‑based platforms; absence from top exchanges (e.g., Binance) raises eyebrows Cointelegraph.

Despite these concerns, Pi’s developers emphasize a “long‑game” strategy focused on inclusivity and gradual scaling, pointing to KYC rollouts and Node software updates as proof of progress.

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Despite these concerns, Pi Network supporters argue that the project’s slow progress is due to its focus on long-term success and inclusivity. The project has introduced features such as Know Your Customer (KYC) verification and app updates, but critical developments, like launching the open mainnet, are still pending.

Safety of Pi Network

In terms of safety, Pi Network appears to be relatively low-risk. It does not require users to provide sensitive personal information, and a simple email or Facebook login is sufficient to join the network. The app itself doesn’t consume much data or battery life, making it a highly accessible platform for casual users.

Low Personal Risk: Joining only requires minimal personal info (email or Facebook). The app’s battery and data usage remain negligible.

Audit Shortfalls: To date, no independent security audits have been published, making it hard to fully vouch for Pi’s robustness Coinpedia Fintech News.

However, the lack of independent audits on Pi Network’s security protocols is concerning. Without external verification, it’s challenging to fully trust the safety of the app and its potential for long-term success.

Should You Trust Pi Network?

As of November 2024, Pi Network remains an intriguing but highly speculative project. On one hand, its community continues to grow, and its approach to mobile-friendly mining is appealing. On the other hand, key milestones like the mainnet launch and the introduction of real-world use cases for Pi coins are still uncertain.

Pi Network today sits at a crossroads: its Open Network is live, coins can be transferred, and niche exchanges facilitate trading—yet major listings and transparent timelines are still missing. If you value early‑adopter upside and are comfortable with speculative risk, Pi remains intriguing. But if you demand clear roadmaps and exchange liquidity, proceed with caution.

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There are indications that the crypto will be distributed to players over two years rather than all at once. This approach is likely designed to prevent a rapid drop in price after listing, with the intention that only the “whales” will remain to gradually buy up your coins.

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FAQ

Is Pi Network a real cryptocurrency?

Yes, Pi Network is a blockchain-based project designed to make cryptocurrency mining accessible to everyday users via mobile devices. Users can mine Pi coins through the Pi Network app by tapping a button daily. However, as of November 2024, Pi coins cannot yet be traded, sold, or exchanged on cryptocurrency platforms, and their actual value remains uncertain until the open mainnet launches.

Can I trade or withdraw Pi coins?

No, as of November 2024, Pi coins cannot be traded, transferred, or withdrawn. Pi Network is still in the testing phase, and users are accumulating Pi coins by “mining” them through the app. The developers plan to enable trading and withdrawals after launching the open mainnet, but the timeline for this is currently unknown.

Is Pi Network a scam or a pyramid scheme?

While Pi Network has faced accusations of operating like a pyramid scheme due to its referral-based reward system, it has not been officially classified as a scam. However, concerns persist regarding its lack of transparency, unlisted coin status, and unclear funding. Supporters argue that the slow pace of development is part of a cautious strategy. It’s important to stay informed and exercise caution until more concrete developments occur, such as the open mainnet launch.

This article is for informational purposes only and does not constitute financial advice. Please conduct your own research before making any investment decisions.

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Jay Harvey

Jay Harvey

Web3 Editor / Coin Push Jay is a Web3-focused writer based in Bodrum, Türkiye, where he explores the evolving intersection of blockchain, gaming, and decentralized technologies. As a key contributor to Coin Push’s editorial team, Jay covers the latest trends in Web3 with sharp analysis and timely commentary. From protocol updates to NFT utilities, he brings clarity to complex topics and keeps the community informed through thought-provoking articles on coinpush.app. Outside of crypto, Jay is a passionate esports enthusiast and spends his free time tracking tournament metas and new game releases.

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