Pi Network has warned against Huobi’s unauthorized listing of Pi tokens. Meanwhile, the fake Pi token reached $46.8 million in trading volume on Huobi. In addition, the altcoin became the most traded token on the exchange in the last 24 hours.
Unauthorized token listing warning from Pi Network to Huobi Global
cryptocoin.com As you follow, on December 29, crypto exchange Huobi Global announced the listing of Pi, the native token of Pi Network. In the 24 hours following the announcement, the Pi token price rose 461.3 percent from $44.03 to $232.97, according to CoinGecko data. Additionally, the altcoin price hit an all-time high of $307.49 on December 30.
However, Pi Network warned on December 29 not to list its token on Huobi and other exchanges. According to CoinGecko data, the Pi is currently also available for trading on the centralized exchange XT.COM. According to the Pi Network statement, Huobi listed the Pi token ‘without Pi Network’s permission, authorization or involvement’. He added that Pi has not given approval for trading or listing on any exchange.
Noting that the Pi Network was not involved in any listing, the network asked Pi miners, called Pioneers, not to interact with the listed tokens without permission. Pi Network has announced that its token is in a ‘Closed Network’ era, where Pi trading on exchanges is ‘openly prohibited’. Therefore, he warned that Pi token trading on exchanges would violate Pi Network’s policies.
“It’s really embarrassing for Houbi to do something like this!”
According to Network, the ‘Closed Network’ era is a strategic choice to focus on building ecosystem tools and performing mass KYC/migration. Network says this is necessary to create a viable ecosystem before the open mainnet launch. Pi Network also announced that it is requesting the removal of Pi listings. Accordingly, it noted that it is “evaluating additional actions related to third parties and exchanges”.
One Reddit user called Huobi’s Pi listing ‘scam’. He also said that Pi tokens cannot be deposited from the wallet to exchanges. Therefore, tokens are equivalent to a bond for the user. The Reddit user wrote, “The actual price of the PI is in cents. It’s really embarrassing for Houbi to do something like that,” he said.
Fake altcoin price and trading volume peaks
According to CoinGecko data, the unauthorized Pi token reached $46.8 million in trading volume on Huobi. It was also the most traded altcoin on the exchange in the last 24 hours. According to CoinGecko, the fake Pi token has also seen $2.17 million in trading volume on XT.COM in the last 24 hours. Huobi and other exchanges will likely have to delist the Pi. However, thousands of investors will cumulatively lose millions from listing the so-called fake token.