The Pi Network Core Team has issued a stark warning to its community following a surge of fraudulent posts on social media platforms X and Telegram. These posts falsely claimed that the Pi token was trading between $314 and $1,000, directing users to fake decentralized exchanges (DEX) with links designed to steal wallet credentials.
The Core Team explicitly stated that Pi Network has no official market value yet and any website displaying a live Pi price is fraudulent. They emphasized that the team will never contact users via direct message and that any request for a passphrase is a scam. The warning was shared via the official @PiCoreGroup account on X, advising users not to click on any such links.
Analysis of on-chain data confirmed the scams. Real-time scans found zero verified outflows from Pi wallets to official liquidity pools, and no smart contracts exist to support Pi-to-USD swaps. Despite a sharp spike in social media mentions driven by the scam posts, on-chain activity remained completely flat, a clear mismatch that triggered security alerts.
Scammers employed sophisticated off-chain tactics, redirecting users to lookalike domains that mimicked official sites. Upon connecting their wallets, several users reported having their balances drained within minutes. Adding to the confusion, an unofficial account promoted a fake "Testnet DEX upgrade" with Pi-denominated pairs. The Core Team clarified that while Pi Network runs test environments, Testnet tokens have no market value and cannot be swapped for fiat, and no live trading system has been announced.
The team concluded by reminding users that greed is a major risk in crypto and urged patience and security. Pi holders are advised to ignore all price-related posts, verify updates only through official channels, and never connect their wallets to unknown sites.
