Pi Network is one of the most popular cryptocurrency projects, causing both controversy and plentiful discussions online. Having launched their mainnet not that long ago, the team defied some of the negative expectations and their token is currently solidly in the top 100 coins by means of total market capitalization.

Yet, many remain skeptical. In the following, we examine some of the most recent developments, updates, news, and commentary by influential industry participants regarding Pi Network.

Pi Network News: Pushing Back Against Controversy

Back in February, before the mainnet of Pi Network went live, the CEO of one of the largest cryptocurrency exchanges Bybit Ben Zhou, said in an X post that the project is a scam, citing police reports from 2023 issued by Chinese police authorities describing it as such. He further explained that the exchange wouldnt list its native token the Pi coin.

Now, according to a recent report by The Defiant, a spokesperson from Pi Network disclaimed these allegations and said that it lacks any of the hallmarks of a multi-level marketing (a.k.a pyrmaid) scheme. Apparently, rather than having multiple levels in its referral program, Pi Network only has one:

“If Person A refers Person B, and Person B then refers Person C, Person A and Person C have no relationship and do not receive any mining bonus as a result of them being referred in,” the spokesperson said.

Pi Coin Price Tanks 22% Weekly

Pi coins price has decreased by a considerabl 22.5% for the past two weeks and is currently trading below $0.8%, charting a further 6% decline in the last 24 hours.

There seems to be no isolated project-related reason for this as the cryptocurrency follows the trajectory of the broader market, which is mostly covered in red as well.

Its worth noting that it is the wors-performing coin in the top 100, followed by Hyperliquid and Kaspa.

Pi Network Updates to Migration and Account Verification

In the past, Pi accounts relied predominantly on phone numbers for their unique identification system. According to the team, this has been both expensive and unreliable.

Having that in mind, the team is migrating to a new account verification system that will rely on email-based two-factor identification.

There are additional details that the users need to go through such as establishing a trusted email.