The Pi Network cryptocurrency (Pi) was officially listed on several international crypto exchanges on February 20, sparking excitement among its mining community.

Currently, Pi is trading at $2.70–$2.90 per token, with a reported market capitalization of nearly $275 billion as of February 27, according to CoinMarketCap.

This surge in trading activity has led many investors to start buying Pi, hoping for further price increases. However, scammers have also taken advantage of the hype, launching fake Pi tokens on unregulated exchanges to deceive buyers.

Fake Pi cryptocurrencies have been found on various crypto trading platforms that were not included in Pi Network’s official listing announcement.

Some decentralized exchanges (DEXs) have also started listing multiple counterfeit Pi tokens that were not issued by the official Pi Network team.

Additionally, fraudulent mobile applications posing as Pi Network mining or trading apps have surfaced, tricking users into downloading malware or providing personal data.

Experts warn of increasing Pi-related scams

According to Tran Xuan Tien, General Secretary of the Ho Chi Minh City Blockchain Association (HBA), Pi Network’s success in building a strong user base makes it a prime target for scammers.

Fake Pi-related projects often lure users into depositing funds, exposing them to financial risks.

Tien warns that without official confirmation from Pi Network’s development team, investors could mistakenly trade counterfeit Pi tokens, leading to significant losses.

He also highlights another common scam - malicious apps disguised as Pi Network software, which can steal user data or take control of devices.

In response to the growing risk, Pi Network’s official team has issued a warning, stating that all Pi trading pairs on decentralized exchanges (DEXs) are fake.

They strongly advise users not to trade Pi on DEXs at this time, as doing so could result in buying counterfeit tokens and losing money.

How to protect yourself from Pi crypto scams

A representative from a Vietnamese blockchain company explains that fake cryptocurrencies are not exclusive to Pi - many newly listed coins often face the same issue.

Investors have already lost millions of Vietnamese dong (equivalent to thousands of U.S. dollars) by unknowingly purchasing counterfeit crypto assets.

Since identifying fake Pi tokens is extremely difficult, some traders resort to buying small test amounts to verify authenticity before making larger transactions.

To avoid financial losses, experts recommend that investors slow down and carefully verify newly listed cryptocurrencies before making any investment decisions.

Vietnam currently lacks regulations on cryptocurrency trading. The State Bank of Vietnam has repeatedly warned the public about the risks associated with buying, selling, and holding cryptocurrencies such as Bitcoin and Pi, emphasizing that these assets are not legally protected under Vietnamese law.

Given the legal uncertainty, investors are advised to exercise extreme caution when dealing with cryptocurrencies, especially those newly listed on exchanges.

Trong Dat