$PI $PI is a scam!! Regarding the 17 million users migrating on Pi Network, there are currently no public audit reports or concrete evidence to provide an exact figure for the "front-running" proportion. However, based on project mechanisms and third-party data, there is a very high likelihood of numerous "zombie accounts" and "multiple accounts," which essentially also constitute a form of "front-running." 1. Doubts About Data Authenticity: Official Data vs. On-Chain Data Official claim: The project team claims to have tens of millions of users, with about 17 million completing KYC verification or migration. On-chain reality: According to third-party data from blockchain explorers like ExplorePi, the number of active mainnet wallets is only 9.11 million, which is a huge gap compared to the official migration user count. Key suspicion: The difference (about 8 million) is very likely to be inactive "zombie users" or multiple accounts created to inflate numbers. These accounts, although having completed KYC, have not truly participated in the ecosystem and are invalid data. 2. Mechanism Flaws: KYC Cannot Fully Prevent "Multiple Accounts" Limitations of KYC: While Pi Network mandates KYC (identity verification) to prevent cheating, the verification is conducted by community members, and the process has vulnerabilities. Variants of "front-running": In the absence of strict regulation and third-party audits, project insiders or early participants could exploit loopholes by controlling multiple identities (such as family members, friends, or purchased ID information) to create numerous accounts, forming an effective "front-running" scheme. 3. Conclusion: Actual Active Users May Be Much Lower Than 17 Million Overall, among these 17 million migrated users, the proportion of "real," active users with only a single account may not be high. Most of the data could be diluted by "zombie accounts" and "multiple accounts." Therefore, while direct proof of project insiders engaging in "front-running" cannot be established, suspicions of data inflation are very high. Pi Network indeed has suspicions of "deliberate bottlenecking," but a more accurate description is "serious delays in technological progress." Although the official claims to have tens of millions of users, the mainnet migration (mapping) progress is extremely slow, and ecosystem development has almost stalled, resulting in a large number of user assets being "locked" in the testnet for a long time without liquidity. 1. Why does it feel like "deliberate bottlenecking"? Slow mainnet migration: As of December 2025, only about 17 million users worldwide have completed mainnet mapping. Compared to the tens of millions of registered users, the migration rate is very low. Although the official claims to be accelerating, the actual progress is far below expectations, preventing many users from transferring their Pi coins to mainnet wallets. KYC review bottleneck: Identity verification (KYC) is a prerequisite for mapping, but the review system is inefficient, causing many users to get stuck at the "waiting for review" stage and unable to proceed. Although AI review has been introduced, backlog issues remain severe. Ecosystem construction shell: The project has been running for years, but the mainnet remains in a "closed" or "test" state, lacking practical application scenarios. Even if users successfully map, they cannot trade on mainstream exchanges or use their assets for real consumption, making it difficult to realize value. 2. Is this a scam? From a legal perspective, Pi Network has not yet been officially classified as a "pyramid scheme" or "fraud." It resembles more a "high-risk air coin project." The core issues are: Empty promises: The official has long promoted an inflated "GCV (Global Consensus Value)" of $314, but the actual on-chain liquidity is extremely low, lacking real value support. Traffic harvesting: The project has gained a large user base through "mobile mining" and has profited from advertising, but has delayed fulfilling the promise of "opening the mainnet," leading to suspicions that it is using users to maintain hype. 3. What should you do with your Pi coins? Beware of scams: Due to difficulties in mapping, many scams have emerged offering "proxy mapping" and "high-price buybacks." Never disclose your mnemonic phrase or private keys to anyone; the official will never ask for these via email or private messages. Lower expectations: Do not invest real money to buy Pi coins, nor expect to get rich overnight. Currently, Pi coins on unofficial channels (like IOU) are priced very low (about $0.6–$0.8), with extremely poor liquidity, and could vanish at any time. Summary: Pi Network is currently in a "semi-dead" state. While not a strict scam, it is very difficult to cash out, and the risks are high. It is recommended to stay cautious, avoid investing too much effort, and not put in funds. Pi Network is indeed facing multiple legal lawsuits, mainly in California and Vietnam. These lawsuits directly accuse the project team of "fraud" and "market manipulation," causing significant impacts on the project's reputation and coin price. 1. California: Multi-Million Dollar Securities Fraud Lawsuit This is currently the biggest legal threat to Pi Network, directly accusing the founders and company of securities fraud. Core allegations: Secret Sale: Plaintiffs allege that Pi Network secretly sold about 2 billion Pi tokens, causing the token price to plummet from the alleged $307.49 to $1.67. Asset Seizure: Plaintiffs claim that 5,137 Pi tokens in their accounts were transferred without authorization, and remaining tokens cannot be mapped to the mainnet. Centralized Control: The lawsuit alleges that the project only runs three validation nodes, maintaining centralized control over the network, violating decentralization promises. Latest developments: The lawsuit was filed on October 24, 2025, in the Northern District of California, with the plaintiffs seeking damages of up to $10 million. The case is still in the preliminary stage. The Pi Core Team has not issued an official statement, but the community has strongly questioned the price data ($307.49) cited in the lawsuit, considering it a mistaken comparison based on third-party IOU markets. 2. Vietnam: Community Scam Class Action This lawsuit does not directly target Pi Network officials but exposes chaos and risks in community management.

$PI $PI $PI $PI P圈 Godfather Youlong Clear statement: pi coin will fall below $0.001, All crypto friends, quickly share your opinions👏?

Please note that version V20 is migrating. The V20 version will fully support all functionalities of smart contracts. If #PiRC得到智能合约的充分支持，它将成为参与Pi区块链发行资产的整个金融行业的安全透明框架。 Pi Network V20 is a major industry event that has completely changed people's perception of #Crypto, eliminated cryptocurrency speculation, and revolutionized the entire industry.