The Huobi exchange’s most actively traded token over the previous 24 hours was the bogus Pi token, which saw a trading volume of $46.8 million.
The listing of Pi, the native token of the Pi Network, was announced by cryptocurrency exchange Huobi Global on December 29. According to CoinGecko data, the price of the Pi token increased by 461.3% in the 24 hours following the announcement, from $44.03 to $232.97 at the time of writing. Additionally, according to data from CoinGecko, the token price rose to an all-time high of $307.49 on December 30.
Currently, the native token is trading at $92.19 which is a 40.3% decrease in price. This occurs after a Dec. 29 warning from the Pi Network not to offer its token on Huobi and other exchanges. Pi is now tradeable on the centralized exchange XT.COM, according to CoinGecko statistics. Pi may also be traded on the cryptocurrency exchanges Hotcoin Global, BitMart, and SuperEx, according to CoinMarketCap statistics.
Pi Network claims the Pi token listing was not approved
The Pi Network statement claims that the listing of its Pi token occurred “without the approval, authority, or involvement of Pi Network.” Pi is not authorized by the network for trade or listing on any exchange, it was further said.
The trading of Pi on exchanges is “explicitly restricted” while its token is in an “Enclosed Network” period, according to Pi Network. Pi Network thus warned that trading Pi tokens on exchanges would be against its rules.
Thousands of investors stand to lose millions by trading the allegedly fraudulent coin, therefore Huobi and other exchanges will probably be compelled to delist Pi. The trustworthiness of the network has been severely compromised and might not be able to recover.
Although it is unclear what the future holds for Pi Network, its team is determined to continue its journey. They have promised to build a platform that allows users to own, earn, and grow their digital assets in an open and secure environment.
A strategic decision was made to concentrate on creating ecosystem services and obtaining widespread KYC/migration during the “Enclosed Network” timeframe. According to the network, this is crucial to creating a strong ecosystem prior to the introduction of the open mainnet.
Investors have expressed their frustrations terming Huobi’s Pi listing a “scam,” some say the Pi tokens could not be deposited into exchanges from the wallet. Therefore, the tokens are equivalent to a promissory note that the users claimed may or may not be honored. Others said that Pi has no actual price until it’s determined by a free market.
BitYard cautions investors to make informed financial decisions
BitYard stands out to caution users that It is important to be aware of and follow the policies of a project, including any restrictions on the trading of its tokens on exchanges. If a project has stated that trading its tokens on exchanges is prohibited, it is generally advisable to not engage in such activity to avoid any potential issues. It is always recommended to carefully research a project and its policies before deciding to invest or participate in any way.
In the world of digital assets, it is vital to ensure that investors are well-informed and have access to accurate information. This is why it is the responsibility of the exchanges to ensure that their listings are compliant with all applicable laws and regulations, as well as any restrictions imposed by the project itself. Huobi continues to strive to ensure they are providing a safe and secure platform for users, as well as an environment that is conducive to successful investing.