Be careful not to be scammed to buy and sell virtual currency Pi

Currently, there are many fake Pi coins appearing on cryptocurrency exchanges, especially less reputable ones. These Pi coins usually have no official affiliation with Pi Network but use similar names and logos to mislead investors. On February 20, Pi Network’s Pi coin was listed on some international cryptocurrency exchanges. As of now, this currency is trading at a price ranging from 2.7-2.9 USD. According to Coinmarketcap data, as of February 27, the market capitalization of Pi coin has reached nearly 275 billion USD. The listing of Pi has made the community of miners of this virtual currency excited, and many investors have conducted transactions to buy this coin on cryptocurrency exchanges, with the expectation that the price will continue to increase in the near future. However, taking advantage of the community’s excitement when Pi is listed on the exchange, many fake Pi tokens have appeared on the market. Specifically, many exchanges not listed in the Pi coin list also trade this currency. Additionally, various Pi coins not issued by the Pi Network team also appear on some exchanges. In addition, there are also many fake apps that mimic the Pi Network model calling users to download and participate in transactions. According to Mr. Tran Xuan Tien, Secretary General of the Ho Chi Minh City Blockchain Association (HBA), the success of Pi Network in building community in the past period may be susceptible to imitation scams. Instead of being free, users may be led to deposit money into these models, thereby introducing financial risks. There are already a number of counterfeit tokens issued on both centralized and decentralized exchanges. According to Mr. Tien, if the Pi Network team does not provide specific notifications, users may mistakenly transact these fake tokens. Similarly, applications containing malware will also use a similar model to Pi Network to invite users to download and install, leading to their devices being compromised. This is the most common form of scam recently. The Pi Network development team then also issued a warning that Pi trading pairs listed on all decentralized exchanges (DEX platforms) are counterfeit Pi. The team recommends that people not join any Pi trading pairs on DEX exchanges currently, as you could get fake Pi and lose money. As of now, Pi is only listed on a few exchanges as the development team has announced recently. Regarding the counterfeit Pi on exchanges, a representative of a Blockchain company in Vietnam said that almost not only Pi but also any counterfeit cryptocurrencies on any digital currency exchange. When these coins are newly listed on the exchange, it is entirely possible for investors to mistakenly buy counterfeit cryptocurrencies. Many investors have lost large amounts of money, ranging from tens to hundreds of millions of dong. Detecting counterfeit cryptocurrencies is very difficult, the only way is for investors to buy some to test, because there is currently no other way to verify. Therefore, to avoid losing money, users should slow down and carefully check the newly listed cryptocurrencies before proceeding with investment.