On Dec. 29, crypto trade Huobi International announced the itemizing of Pi, the native token of the Pi Community. Within the 24 hours following the announcement, the Pi token value surged 461.3% from $44.03 to $232.97 on the time of writing, based on CoinGecko data. As well as, the token value reached an all-time excessive of $307.49 on Dec. 30, knowledge from CoinGecko signifies.
Nevertheless, the Pi Community warned towards itemizing its token on Huobi and different exchanges on Dec. 29. As per CoinGecko data, Pi can also be at the moment accessible for buying and selling on the centralized trade XT.COM. Moreover, CoinMarketCap knowledge present Pi can also be accessible for buying and selling on Hotcoin International, BitMart, and SuperEx crypto exchanges.
In line with the Pi Community assertion, its Pi token was listed “with out the consent, authority or involvement of Pi Community.” It added that Pi isn’t accepted by the community for buying and selling or itemizing on any trade.
Stating that Pi Community was not concerned with any listings, the community requested Pi miners, referred to as Pioneers, to not have interaction with the unauthorized listed tokens.
Pi Community clarified that its token is in an ‘Enclosed Community’ interval, throughout which the buying and selling of Pi on exchanges is “explicitly prohibited.” Subsequently, buying and selling Pi tokens on exchanges would violate Pi Community’s insurance policies, it warned within the assertion.
In line with the community, the ‘Enclosed Community’ interval is a strategic option to give attention to constructing ecosystem utilities and attaining mass KYC/migration. That is important to constructing a viable ecosystem earlier than the launch of the open mainnet, the community mentioned.
Pi Community additionally mentioned that it has requested the Pi listings to be taken down and is “evaluating extra actions regarding the third events and exchanges.”
A Reddit consumer referred to as Huobi’s Pi itemizing a “rip-off,” and said the Pi tokens couldn’t be deposited into exchanges from the pockets. Subsequently, the tokens are equal to a promissory be aware that the consumer claimed might or might not be honored.
“The precise value of PI is in cents,” the Reddit consumer wrote, including, “It’s actually shameful for Houbi to do one thing like this.”
The unauthorized Pi token reached a buying and selling quantity of $46.8 million on Huobi, turning into probably the most traded token on the trade over the previous 24 hours, CoinGecko knowledge indicates. The faux Pi token additionally noticed a $2.17 million buying and selling quantity over the previous 24 hours on XT.COM, as per CoinGecko.
Whereas Huobi and different exchanges will seemingly be compelled to delist Pi, hundreds of traders stand to lose hundreds of thousands cumulatively from buying and selling the purported faux token.