Wrapped Pi Scam: IDO Partner FantomLive Attempted to Defraud Users of $20,000
Wrapped Pi, the Pi Bridge utility token recently launched on BNB Chain, is causing controversy with both its token volatility and its IDO partners.
Pi Network is a novel mobile blockchain mining crypto project that allows mobile users to mine Pi coins without draining the device’s battery. Pi’s blockchain secures not only economic transactions via a mobile meritocracy system but also a full Web 3.0 experience where community developers can build blockchain decentralized applications (Dapps) for millions of users.
The project has evolved over the years with massive community interests and is now in the final critical stage of transition to public mainnet. It has been particularly active in recent weeks due to a couple of related listing news, with the latest development being the listing of Pi coin on Huobi exchange. Furthermore, Wrapped Pi (WPI), the Pi bridge utility token, also went live on BNB chain lately, as an intended bridge between Pi Network and BNB Chain.
Wrapped Pi (WPI) token was once up to $18 before drawback
Wrapped Pi token surged to nearly $15 on January 2 before returning to a price point under $10. At press time, it is trading at $4.79. The token has caused quite a stir in less than a week since launching, exemplified most by the volatility in the token’s price action.
Amidst a controversial Initial DEX Offering (IDO), the Wrapped Pi token galvanized behind the massive Pi Network community and doubled its price in a 24hr span. The 7d high for WPI is $14.41, while the low is just $4.49, according to CoinMarketCap.
Pi Bridge launched the Wrapped Pi token over the New Year with IDOs on six platforms. After selling out and performing well across the platforms, one partner, FantomLive, seems to have attempted to scam users of $20,000.
The news with FantomLive is developing and ongoing. The PiBridge team confirmed that they have a contingency plan if FantomLive completely rugs and does not refund users.
Pi Bridge has burned all remaining tokens unvested on FantomLive and is attempting to work with the team to refund users. Notably, FantomLive has deleted their Telegram and has not posted on Twitter since the PiBridge IDO on Dec. 28.
The controversy around Wrapped Pi should not be overlooked. The price volatility is already a red flag for users looking for a stable project, but the launch controversy should raise more eyebrows. But who knows––Pi Network still has a powerful community, and much of economics persists upon hype and FOMO.
No official connection from the Pi Network core team has been confirmed with the Pi Bridge team. The Wrapped Pi is still an unofficial wrapped token on BNB Chain of the Pi Network native coin. The ultimate goal of Wrapped Pi will be a bridge between BNB Chain and Pi Network that operates at a 1:1 ratio with Pi Coin.
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What is Pi Bridge?
PiBridge is a hybrid all-in-one financial application platform combining both DEX and CEX models with multi-chain & cross-chain AMM, farming, lending, fundraising platform (launchpad), Event Tickets, Marketplace, Prediction, NFT, and more features. PiBridge will become an outstanding blockchain bridge that connects to other platforms such as commerce, economy, education, etc. All products will be developed with Pi Network as the base.
Where to find Pi Bridge:
When will Pi coin launch?
The Pi Core team has comfirmed in its recent 2022 end-of-year update that Pi Network is at a vital stage in its enclosed mainnet development leading up to the Open Mainnet launch. The team is still focusing on completing KYC and making further tech improvements before opening the mainnet to the public, but currently has no set timeline for this transition.
BTCC urges users to do their own research before investing in any PI coin as the network has not launched on the mainnet. In the meantime, we will keep you updated with the Pi ecosystem hype.