What Is Pi Coin and the Pi Network?

Pi Coin is the native cryptocurrency of the Pi Network, a blockchain project launched on March 14, 2019, by Stanford PhDs Dr.

Pi Coin, the native cryptocurrency of the Pi Network, has been a subject of curiosity and speculation. Launched in March 2019 by Stanford PhDs Dr. Nicolas Kokkalis and Dr. Chengdiao Fan, the project set out to enable users to mine cryptocurrency directly from their mobile phones.

The concept quickly went viral, with the app amassing over 40 million users by 2025. Users could mine Pi for free with no financial risk, engaging in daily login streaks and referring friends to boost their earnings. This strategy, similar to viral growth loops used by social apps, helped the app gain immense popularity.

However, despite the large user base and promising concept, Pi Network has also been met with skepticism.

The project faced criticism for its lack of transparency, especially regarding the status and legal standing of the Pi Coin. While millions of users have been diligently mining Pi for years, the tokens remain inaccessible for trading or exchange on recognized cryptocurrency platforms.

Moreover, the project's claims of enabling users to effortlessly mine Bitcoin (BTC) and Ethereum (ETH) from their phones, in an energy-efficient manner, further fueled skepticism.

As of April 2025, the Pi Network is still in a closed beta, with the project's founders stating that the Open Mainnet launch is imminent, potentially within the next few months.

The project's goal is to transition from the testnet to the Mainnet, eventually listing Pi Coin on exchanges and enabling users to access and trade their mined tokens.

However, despite the rumors and speculation, it's crucial to note that no official statement from the Pi Core Team has confirmed the token's listing on exchanges.

The project has also faced criticism for the required KYC (Know Your Customer) process, which includes submitting government-issued IDs and facial recognition - a big step for a project without an open blockchain or publicly verifiable smart contracts.

For skeptics, this raised red flags, especially since KYC is usually standard in many crypto projects, and the lack of transparency and centralization leaves too many questions unanswered.

The IOU tokens on exchanges like HTX (formerly Huobi) and BitMart are speculative placeholders issued by centralized exchanges. These IOU versions are not connected to the actual Pi coins held in the Pi Network app.

Therefore, users cannot withdraw Pi from their Pi Wallet to those exchanges, and vice versa. The Pi Core Team has also publicly warned that these exchange listings are unauthorized and not part of the official Pi ecosystem.

The persistent rumors regarding the token's listing and the lack of transparency from the project founders have led many to question whether Pi Coin is a scam.

While the project may not be a scam in the classic sense, considering that users didn't pay money to join, many have spent years mining, submitting personal data, and promoting a project with no clear utility, token freedom, or transparent roadmap.

The promise of "free tokens" has created a global community, but as of April 2025, that community is still waiting - not trading.