Key Notes

Key Notes:

Cryptocurrency exchange Bitget has added Pi/USDT to its spot market, allowing users to trade, deposit, and participate in a reward campaign.The project is set to officially launch on February 20 after years of mining through its mobile app.Despite its listing on some platforms, concerns over Pi Network’s legitimacy continue to influence its adoption across the crypto industry.

Millions of users worldwide who have been mining Pi Network (Pi), a controversial meme coin launched by Nicolas Kokkalis, can now trade the token following its official listing on Bitget’s spot market.

In a press release published on Monday, February 17, Bitget announced that Pi is now available under the Pi/USDT trading pair. This allows users to engage with the token through deposits, trading, and a special airdrop promotion.

The listing comes ahead of Pi Network’s long-anticipated official launch on February 20. To celebrate the occasion, Bitget has introduced a promotional campaign aimed at rewarding traders with additional Pi tokens. The initiative, known as “CandyBomb,” has allocated 150,000 Pi tokens to incentivize participation.

The event has been scheduled to last almost two weeks, starting February 16 to 27 at approximately 4:00 UTC. During this period, users will have a chance to earn Pi by actively trading the meme coin on the platform.

Before securing a listing on Bitget, Pi Network had been embroiled in multiple controversies regarding its operational structure. Chinese authorities previously flagged the project, alleging similarities to multi-level marketing (MLM) or pyramid schemes.

In one of the most serious allegations, authorities in the Public Security Bureau of Hengyang City, Hunan Province, even went as far as classifying the blockchain project as a scam due to its reliance on a hierarchical invitation system.

Further complicating its reputation, reports in 2021 surfaced claiming that the project had leaked around 17 gigabytes of personal data from approximately 10,000 Vietnamese users. The breach allegedly exposed sensitive information, including identity card details, home addresses, phone numbers, and email addresses. A source behind the leak asserted that the data came directly from Pi Network.

However, the Pi Network team strongly denied the allegations, labeling them as false. An internal investigation was conducted, with the project claiming no evidence of a security breach was found.

Despite past controversies, Pi Network is finally making its official debut, and long-time miners are eager to cash out after years of accumulating the token on their smartphones.

However, skepticism within the industry persists. Last week, Bybit CEO Ben Zhou publicly distanced himself from Pi Network, stating that he had no involvement in the project despite growing requests to list the token on his exchange.

At the same time, crypto exchange HTX removed Pi from its platform, announcing that all user holdings would be converted into USDT stablecoin.

While some exchanges remain hesitant, Bitget and OKX have moved forward with listing the token for trading.

Meanwhile, Binance, the world’s largest crypto exchange, launched a community vote today, allowing users to express their opinions on whether Pi should be listed.

However, Binance clarified that the poll results would not directly influence its decision on the matter. Users with at least 5 USDT in their accounts are eligible to participate in the vote.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.

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