Pi Network Faces Allegations of Wash Trading
Simon Dedic, CEO of Moonrock Capital, recently expressed strong concern about the legitimacy of PI Network trading activities.
He added a list of industry leaders focusing on the PI network operation model. Meanwhile, the cryptocurrency project has reportedly accumulated as many as 65 million users since its inception in 2018-2019.
Moonrock Capital CEO criticizes PI network
In a detailed article on social media platform X (Twitter), Dedic highlights several red flags related to the PI network. His main allegations focus on the authenticity of the volume of PI network transactions.
“My thought: It’s just a huge Ponzi scheme until they do it until it.” Famous.
Simon Dedic noted that despite claiming to have a full dilution valuation (FDV) of $26 billion and a 60% token buoy, the project appears to lack substantial involvement Web3 Community. Instead, it cultivates the following ones mainly among non-Criputo users, many of whom may not fully grasp the purpose of the project.
Most of the reported daily trading volumes in PI reports are concentrated on exchanges, e.g. OKX,,,,, biteand gate.io. Dedic believes that this volume is mainly the result of WASH transactions in the PI network. Wash Trading is a manipulative practice in which traders buy and sell the same assets to create misleading market activities.
In addition, Moonrock Capital Executive mentioned a 2023 Chinese police report. Share by Bybit CEO Ben Zhoumark the PI network as Scam Project Targeting the elderly. The association raised questions about the credibility of the project and the integrity of the indicators reported.
“It will definitely check some red flags, I won’t touch it. It may miss some profits, but it’s better than regretting it.” Famous Web3 strategist and market researcher Swizzy.
It is worth noting that this is not the first stripe of criticism faced by PI networks. Two years ago, Vietnam’s cybercrime department begins investigation into the projectreflecting the continued attention to its operations. recent, Legal experts issued warning Regarding the potential risks associated with PI networks, analysts have Questioning caution in listing pi In the main communication.
Despite these criticisms, some Analysts defend PI networkbelieves that it provides a unique approach to adopting cryptocurrencies. Additionally, Florida businesses have begun Accept PI coins for tradingindicating a certain degree of practical effect.
Token’s Listed on a communication like OKX Although its price has fallen after listing, it also provides liquidity for traders.
Meanwhile, Binance Exchange is still considering the list pi token. The exchange initiated Community Voting Determine whether PIs should be listed on their platform, which triggers a mix of expectations and controversy in the crypto space.
this vote The process ends today. Only one Fraction Binance’s extensive user base participated. Although some investors believe that potential Binance list Others remain skeptical as a milestone in the legitimacy of the PI network.
If Binance is on the list, analysts speculate that the price of PI may rise temporarily. Some investors predict that the price range in April is between $5 and $10.
“Everything is abandoned, the market is bearish, the PI is about to reach $2, which will be listed on Binance. By the end of April, the PI will trade over $5. Maybe $10,” Write Crypto Investors on X.
Disclaimer
persist in Trust Project Guide Beincrypto is committed to impartial, transparent reporting. This news article is designed to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on this content. Please note that our terms and Conditions,,,,, Privacy Policyand Disclaimer Updated.
