Crypto Scam Rampant on Pi Network, Victims Lose Big

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Pi Network has unfortunately attracted an abundance of fraudsters who prey on unsuspecting members. Consequently, numerous individuals trying to cash out their “Pi” digital currency have sadly become victims of deceitful scams, leading them to lose their valuable earnings.

The report reveals that multiple Facebook accounts have been detected, falsely advertising the purchase of Pi at elevated prices from Pi Network’s groups. These phony sellers request users to send their Pi before making the payment. After the transfer, however, these accounts disappear, leaving the unsuspecting users empty-handed.

The report brings attention to the intricacy of Pi Network’s functions, as it remains in the “closed mainnet” stage where transactions are limited to network participants and not available on cryptocurrency exchanges. This legal loophole poses difficulties for regulatory bodies looking to tackle the matter.

The Ministry of Public Security has acknowledged the rising worries, expressing that the workings of cryptocurrencies such as Pi have grown “extremely intricate and unregulated.” Law enforcement agencies in various regions are currently looking into Pi-related activities.

With more and more people becoming interested in Pi Network, it’s important for users to stay alert and careful when conducting any business deals.

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2024-04-13 13:24