The phoney Pi token became the most traded token on Huobi during the course of the previous 24 hours, with a trading volume of $46.8 million.
The listing of Pi, the native token of the Pi Network, was announced by cryptocurrency exchange Huobi Global on December 29. According to CoinGecko data, the price of the Pi token increased by 461.3% in the 24 hours following the announcement, from $44.03 to $232.97 at the time of writing.
Additionally, according to data from CoinGecko, the token price rose to an all-time high of $307.49 on December 30.
On December 29, the Pi Network issued a warning against listing its token on Huobi and other marketplaces. Pi is now tradeable on the centralised exchange XT.COM, according to CoinGecko statistics.
Pi may also be traded on the cryptocurrency exchanges Hotcoin Global, BitMart, and SuperEx, according to CoinMarketCap statistics.
According to the Pi Network statement, the Pi token was listed “without the approval, authority, or involvement of Pi Network.” It went on to say that the network has not cleared Pi for trade or listing on any exchange.
The network advised Pi miners, known as Pioneers, not to deal with the unlawfully published tokens, claiming that Pi Network was not engaged with any postings.
Pi Network has explained that its token is now under a ‘Enclosed Network’ phase, during which trading of Pi on exchanges is “explicitly forbidden.” Trading Pi tokens on exchanges would thus be a violation of Pi Network’s standards, the company cautioned in a statement.
Pi Network has stated that it has requested that the Pi listings be removed and that it is “considering additional steps regarding third parties and exchanges.”
According to a Reddit user, Huobi’s Pi listing is a “scam,” and the Pi tokens cannot be put into exchanges through the wallet. As a result, the tokens are analogous to a promissory note, which the user stated may or may not be honoured.
“The actual price of PI is in cents,” the Reddit user wrote, adding, “It’s really shameful for Houbi to do something like this.”
