Pi Network Coin is Eyeing 25% Boom Despite Serious ‘Scam’ Allegations

Pi Network’s native token, PI, is now the 12th largest cryptocurrency by market cap of around $500 million. After years of waiting, it’s sudden boom appeared after the launch of its mainnet, followed by its listing across major exchanges in February.

Technically, PI looks poised to continue its uptrend due to the formation of a classic bullish reversal pattern. However, concerns about its legal status in the US and other matters require traders’ focus.

Let’s examine all.

PI/USDT Technical Setup Hints at 25% Rally

As of March 5, PI had entered what appeared to be the breakout stage of its prevailing ascending triangle pattern.

This pattern developed as the price trended between a rising trendline support and a horizontal trendline resistance following a 50% price correction from the local high of around $3.

From a technical perspective, an ascending triangle formation during a downtrend marks the end of the distribution phase. That is confirmed when the price breaks above the triangle’s upper trendline and, after that, rises by as much as the triangle’s maximum height.

Applying the same technical rule to the Pi Network token structure brings its upside target to around $2.34, up around 25% from the current price levels.

Is Pi Network a Scam?

Pi Network was launched in 2019 by a group of Stanford graduates. It promised to make cryptocurrency mining accessible through a mobile app to everyday users.

Unlike Bitcoin, which requires high-powered mining rigs, Pi Network allows users to earn tokens by pressing a daily button.

Initially, the project saw massive adoption, boasting over 60 million active users. However, Pi Network faced criticism for not allowing withdrawals and keeping its ecosystem enclosed for years while pushing a strict KYC (Know Your Customer) verification process.

One of the biggest controversies surrounding Pi Network is its KYC policy, which requires users to submit government-issued identification and facial verification. Unlike regulated exchanges that use licensed third-party KYC providers, Pi Network has no clear regulatory oversight governing its data collection process.

This raises serious concerns about data privacy and potential misuse of sensitive user information. There is no transparency about where KYC data is stored, who controls it, or how it complies with global privacy laws such as GDPR (Europe) or CCPA (California, USA).

Bybit CEO Ben Zhou openly criticized Pi Network, stating that Bybit will not list PI due to regulatory concerns and past warnings from Chinese authorities about fraudulent schemes targeting vulnerable users.

Zhou’s comments came after Pi Network finally launched its Open Mainnet on Feb. 18, allowing some users to transfer tokens outside its ecosystem.

1. Here is a official police warning of $Pi from Chinese police back in 2023 warning to the public that it’s a scam targeted towards elderly folks https://t.co/LaGJqXSOXR which leaks their personal data and loss of their pension. There are multiple other reports out there… https://t.co/gkEu2wZwfo

— Ben Zhou (@benbybit) February 20, 2025

Pi Network responded to Zhou’s accusations, denying any connection to scams and emphasizing its commitment to compliance. However, the company behind Pi, SocialChain Inc., remains unregistered with financial regulators, raising questions about its legitimacy.

Pi Network Eyes Binance Listing

Despite ongoing skepticism, Pi Network is reportedly seeking a listing on Binance, which could boost its credibility and liquidity.

Binance has not officially commented on the matter, but insiders suggest ongoing discussions about PI’s potential integration into the exchange’s spot trading market.

A Binance listing could further fuel PI’s ongoing price rally, attracting more traders and potentially pushing the coin’s price toward its next resistance level of $3.