Hanoi police have issued a warning about the risks associated with investing in and trading the Pi Network cryptocurrency.

Recently, numerous posts and discussions about Pi Network have appeared on social media groups and Facebook pages. The listing of Pi Network on several cryptocurrency exchanges has generated excitement among those mining Pi.

According to VietNamNet, nearly two weeks after its listing, Pi's price has fluctuated around $1.80 and, at times, reached as high as $3.

The ability of Pi Network to maintain its value has fueled optimism among miners, who anticipate future growth. This has also attracted the interest of newcomers unfamiliar with Pi cryptocurrency.

Given this situation, the Hanoi police have issued a warning about the potential risks of investing in and trading Pi Network.

Under Vietnamese law, cryptocurrencies, including Pi, are not legally recognized as assets. As a result, disputes or issues related to transactions involving Pi or other digital currencies carry significant risks and may not be legally protected or resolved.

Additionally, cryptocurrencies are not considered a legal means of payment. Any individual or organization using Pi or other cryptocurrencies for payment could face fines ranging from $2,100 to $4,200 or even criminal prosecution for violating banking regulations.

Hanoi police have also emphasized that Pi currently lacks real-world applications. Its valuation is self-determined, leading to widespread misconceptions about its true worth.

Some individuals may exploit Pi cryptocurrency for fraudulent activities, such as creating counterfeit Pi tokens or soliciting investments for scams.

In some cases, malicious actors have developed fake Pi Network applications to unlawfully collect user data or gain unauthorized access, ultimately defrauding users of their assets or cryptocurrency.

The Cybersecurity and High-Tech Crime Prevention Division of the Hanoi Police advises the public to be cautious and thoroughly research information before investing in Pi Network.

People should remain vigilant when conducting transactions involving Pi to avoid financial losses or other unfortunate consequences.

Furthermore, individuals should refrain from spreading unverified or false information about cryptocurrencies, including Pi, that could mislead the public or lead to legal violations.

Trong Dat