The Pi Network, which gained notoriety prior to its debut, is currently making news for fraud and schemes. Prior to the mainnet's introduction, Pi Network was well-known, but it has since turned into a hub for scams and fraud.

Numerous users have reportedly fallen prey to a fraudulent scheme when trying to swap Pi Coin, the virtual currency of the network.

Several accounts have reportedly been seen posting on Facebook groups run by Pi Network, purporting to purchase Pi Coin at exorbitant prices and requesting that members transfer money before being paid.

However, these accounts vanish as soon as users move their Pi Coin, leaving users with nothing to show for their efforts.

Coin Gabbar claims that the analysis further shows how intricate Pi Network's operation because Pi’s mainnet is not yet live.

It is in the closed mainnet phase. In such a situation, transactions can take place only between players and transactions cannot be done on any cryptocurrency exchange. Thi, leavingy made it a difficult task for authorities to address this issue.

Now the police have also come into action in this matter and have started investigating the activities related to cryptocurrency models like Pi.

Ways to Avoid Fraud in the Pi Network

First, users should take special care that if the Pi Network mainnet is not launched, its coins cannot be bought or sold from any exchange.

To earn Pi Coin, you have to download its application and sign in, only then coin’s can be earned.

As we have been informed it is not yet live on the mainnet.Hence, buying or selling through any social media account or post can be a scam in such a situation you should be alert.

The Pi team has announced that its mainnet will launch on June 28, 2024 hence, it's not possible to buy and sell the Pi coin before launch. It can be used for mining only through its official app.

Pi Network has made 10 million verified accounts

Pi Network also made the milestone of more than 10 million users KYC on its network app a few days ago about which the team associated with Pi Network said that there are 10 million more users on the app. All of them have completed their KYC process and verified their identity.

The group had previously stated in a post that the tokens will be exchangeable once over 15 million network users obtained KYC.

Nevertheless, the "Stellar Consensus Protocol" mechanism used by Pi Network allows users to benefit from one another according to their contributions to the network.

Despite not being operational, some opponents are labelling Pi Network as a hoax.