Investing in cryptocurrency always carries significant risks, and Pi Network is no exception.

In Vietnam, digital currencies have no legal status, lack regulatory oversight, and are not protected by law, making them a breeding ground for fraud and market manipulation.

As announced by the Pi Network team, the cryptocurrency officially launched its open network at approximately 3:00 PM on February 20, 2025 (Vietnam time).

Speaking with VietNamNet, Dang Minh Tuan, Chairman of the Vietnam Blockchain Alliance, noted that Pi has attracted significant attention compared to other digital currencies.

Its appeal is largely due to promotional claims that it is backed by well-known university professors in the U.S., offers free participation, and employs a referral-based reward system to attract new members.

Additionally, many hopeful investors compare Pi to Bitcoin, recalling how Bitcoin’s value was initially low before skyrocketing by a factor of one billion. They dream that Pi will follow the same trajectory, bringing them immense wealth.

“However, investing in cryptocurrency always carries risks, not just with Pi. In Vietnam, cryptocurrencies have no legal framework, no regulatory authority to prevent fraud or market manipulation, and are not protected by law,” Tuan warned.

He advised individuals to thoroughly research the technology, understand how to use digital wallets, and familiarize themselves with cryptocurrency-related concepts.

“It’s crucial to be cautious and avoid falling victim to scams,” he added.

Not as easy as it seems

A cryptocurrency expert noted that mining Pi for profit is not as simple as many believe. Pi’s algorithm follows a deflationary model, meaning it becomes increasingly difficult to mine over time.

“People unfamiliar with technology should not invest in, mine, or trade Pi. Without proper knowledge, they risk falling into scams where individuals exploit the Pi craze for personal gain,” he explained.

Mining Pi is technically straightforward, requiring only a mobile phone. Many claim to have mined 1,000 to 2,000 Pi tokens, but in reality, they have not yet been able to sell them because the tokens are not accessible in their wallets.

Even after mining Pi, several steps are required before it can be traded. Users must unlock their tokens, transfer them to a wallet, and then move them to a cryptocurrency exchange - preferably reputable global platforms like OKX. They must also have a cryptocurrency trading account to buy and sell Pi. These steps require technical expertise, making it difficult for the average person to cash out.

“There are many people rallying others to invest in Pi mining, similar to a hụi (a rotating savings and credit association). The risk is that these promoters might collect investments and then disappear or use the funds to invest in other cryptocurrencies for their own gain,” he cautioned.

Pi Network under police investigation in Vietnam

Pi Network has previously been investigated by Vietnam’s Cybersecurity and High-Tech Crime Prevention Department, as well as local police forces.

In 2023, the department’s leadership confirmed that they were working with local authorities to investigate Pi-related activities.

They warned: “There is no business model that guarantees such high profits. The recruitment and multi-level marketing tactics used in Pi schemes pose significant risks.”

Binh Minh