PI coin scam revealed: Beware of investment traps

The scams related to PI coins can be summarized as follows:

1. Taking advantage of the fact that the PI coin is not listed on the main network and is not listed on the exchange, it induces users to purchase so-called "futures" or "pre-sale" tokens and then run away. In this case, what the user purchased may just be an "air coin" with no actual value.

2. Taking advantage of the social network characteristics of PI coins to obtain profits by recruiting people, developing offline, selling computing power, etc. is actually a kind of pyramid scheme. This type of scam takes advantage of users’ interest and expectations in cryptocurrency, as well as their unfamiliarity and trust in banking services, to defraud them of their property or information.

3. Applications that use PI coins can implant malicious codes or viruses to steal users’ privacy or funds. This scam causes losses by tricking users into installing unsafe software.

PI coin is a cryptocurrency based on blockchain technology. It has not been listed on any exchange and can only be joined through an invitation code to its community. Banks calling PI Coin personnel to apply for cards is a fraudulent method. It takes advantage of PI Coin users' interest and expectations in cryptocurrency, as well as their unfamiliarity and trust in banking services, in an attempt to defraud them of their property or information.

Liang Si of the Bank of China Research Institute said that the hype of "π coin" may disappear overnight. Virtual currencies such as “π Coin” are not related to any real assets or productive labor, lack solid value support, and often become tools for speculation. In addition, there are certain risks, including the risk of severe price fluctuations, information asymmetry risk, transaction security risk, regulatory risk, etc. For example, currency wallets, exchanges, etc. may face hacker attacks, resulting in the theft or loss of funds.