Pi Network warns against Huobi’s unauthorized Pi token listing

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On December 29, crypto exchange Huobi Global announced the listing of Pi, the native token of the Pi network. Within 24 hours of the announcement, the price of the Pi token jumped 461.3% from $44.03 to $232.97 at the time of writing, according to data from CoinGecko. Additionally, the price of the token hit an all-time high of $307.49 on December 30, according to data from CoinGecko.

However, the Pi Network warned against listing its token on Huobi and other exchanges on December 29. According to data from CoinGecko, Pi is also currently available for trading on the centralized exchange XT.COM. Additionally, data from CoinMarketCap shows that Pi is also available for trading on crypto exchanges Hotcoin Global, BitMart, and SuperEx.

According to Pi Network’s statement, its Pi token was listed “without Pi Network’s consent, authority, or involvement.” He added that Pi is not approved by the network for trading or listing on any exchange.

Stating that Pi Network was not involved in any listings, the network asked Pi miners, known as Pioneers, not to engage with unauthorized listed tokens.

Pi Network clarified that its token is in a “closed network” period, during which Pi trading on exchanges is “explicitly prohibited.” Therefore, trading Pi tokens on exchanges would violate Pi Network policies, it warned in the statement.

According to the network, the “closed network” period is a strategic choice to focus on building ecosystem utilities and achieving KYC/mass migration. This is critical to building a viable ecosystem ahead of the launch of the open mainnet, the network said.

Pi Network also said it has requested the removal of Pi Lists and is “evaluating additional actions regarding third parties and exchanges.”

A Reddit user called Huobi’s Pi listing a “scam” and said that Pi tokens cannot be deposited into exchanges from the wallet. Therefore, tokens are equivalent to a promissory note which the claimed user may or may not be honored.

“The real price of PI is in pennies,” the Reddit user wrote, adding, “It’s really shameful for Houbi to do something like this.”

The rogue Pi token reached $46.8 million in trading volume on Huobi, becoming the most traded token on the exchange in the past 24 hours, according to data from CoinGecko. The fake Pi token also saw $2.17 million in trading volume in the past 24 hours on XT.COM, according to CoinGecko.

While Huobi and other exchanges will likely be forced to remove Pi from the list, thousands of investors stand to lose millions of dollars trading the alleged fake token.

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