What is happening with Pi???

The Pi crypto crashes in less than an hour…. or did it?

Yesterday, many of you who are mining Pi might have noticed — the value plummeted from $40 or so, all the way to $0.19.

The Pi community is fuming

No shortage of hate in the comments and chatpod.

Was it a rug pull?

Was it a scam?

What happened?

I opened the Pi app and went into the chats and found relevant info, but I am still totally confused.

Apparently Pi team has been fighting a battle against exchanges with fraudulent PI listings, and the value seen in coinmarketcap is being drawn from illegitimate blockchains

Those listings above - the Pi core development team say have nothing to do with them.

However, as you can see — on two exchanges — Pi is still $34-$37, and the two most recently listed exchanges seem to be what pulled the value down to lower than a $1.

I think.

Those last two listings just showed up yesterday, right as Pi took a massive sh1t in value on CoinMarketCap.

The Pi team claim no relation to any of these listings.

They are clear that Pi is a contained ecosystem at this time with no value yet established because it is NOT being traded against local currencies.

At this point, this perceived price drop has probably taken the wind out of a lot of people’s sails for mining Pi. And that sucks considering that Pi never had a value, and the core team have tried to communicate that over and over, or so they say.