Alleging that Pi Network runs a fake bitcoin scheme, the digital watchdog group The Philox has formally pleaded with the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI). The March 15, 2025 petition emphasizes Pi Coin’s false claims of mobile mining incentives devoid of actual value. Hidden marketing activities, lack of blockchain transactions, and possible $50 million losses to Indian users are revealed by the Philox’s inquiry. The request asks SEBI to label Pi Coin as an unregulated security and advocates RBI’s action to stop more financial damage to investors.
Tag: Pi Coin scam
The Pi Coin Deception Earning Through Ads While Users Mine for Nothing Disguised as Crypto
Pi Network is an application with which the users can “mine” Pi Coins, again just by the tap of a button every day with no cost, no up front. Though this app has million users and this is the rapid growth it sees, many of the skeptical voices are being thrown around the platform. This model is said to be working based on a business model similar to a pyramid scheme, as it has an entire system that only depends on referral, and an actual working mainnet does not exist, hence the Pi Coins are useless and worthless. In-app commercials money is made when users are compelled to view adverts before they could continue mining. This will deceive the users, who waste their time without any benefit, and the advertisers, who take into account greater engagement metrics. All these factors lead to the assumption that the model of Pi Network is more biased toward revenue generation from ads rather than providing genuine cryptocurrency experience.