The truth about the Pi coin traded on the crypto exchange

The truth about the Pi coin traded on the crypto exchange

News, Altcoin news

The Pi coin that has just been listed on XT.com & Huobi.com is just an internal transaction, cannot be deposited or withdrawn.

On December 29, cryptocurrency exchanges XT.com and Huobi.com suddenly announced the listing of Pi (Pi Network). This is the first trading platform to support this scandalous digital currency. The price of Pi on the floor is constantly being pushed to new milestones. From 0 USD at the time of listing, there was a time when this asset surpassed the 60 USD mark.

In fact, the Pi coin that XT.com and Huobi.com open orders is not a token running on the Pi Network blockchain. This is only a form of internal trading on the exchange, cannot be deposited and withdrawn. Twitter account @Piwhales, specializing in tracking Pi Network, announced that the token on XT.com is not related to the project network. At the same time, Pi Network’s homepage and social media accounts did not report this listing.

Currently, the Pi/USDT trading pair on XT.com only supports buying/selling. Users cannot deposit Pi from hoarding wallets to the exchange. At the same time, Pi purchased on this exchange cannot be transferred to a personal digital wallet for storage.

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The truth about the Pi coin

In fact, after 3 years of operation, the price of Pi is still zero, according to the announcement from the project homepage. The team said that the conversion to fiat or other coins and tokens will be done after the mainnet. This process started in June, with the mainnet closed in the network. Therefore, the converted value of Pi has not yet formed.

Therefore, it is not feasible to put Pi mined from the phone to exchanges like XT.com for sale. In addition, the number of KYC (identity verification) accounts, eligible to bring Pi from the phone to the mainnet, reached about 1.5 million. This is a fraction of the 35 million users the team has announced.

The conversion and trading of Pi is still done in the form of OTC

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