Is Pi Network a Scam? The Debate Continues Despite Its Current Developments

Pi Network, a cryptocurrency project launched in 2019 to make crypto mining accessible via a mobile app, is facing ongoing controversy regarding its legitimacy. Despite active development in 2025, the project remains excluded from major crypto exchanges due to concerns about transparency, data privacy, and a lack of technical development. Critics highlight the absence of a third-party security audit and the project's reliance on a referral system similar to a pyramid scheme. Bybit CEO Ben Zhou and other crypto experts have publicly labeled Pi Network a scam, and exchanges like Coinbase and Binance have not listed the cryptocurrency.