Pi Network price today, March 22, 2025: Dropped to nearly $1 USD
Pi Network's price today, March 22, 2025, has dropped sharply by 4.3% compared to yesterday, currently standing at $1.09. Justin Bons criticized Pi Network, calling it a scam.
Pi Network price today, March 22, 2025
The price of Pi on the OKX exchange on March 22, 2025, is fluctuating around $0.8663 to $1.14 (equivalent to VND 22,160 to VND 29,140). As of the time of writing, the price of Pi on the OKX exchange has dropped sharply by 4.3% compared to yesterday, reaching VND 27,700.
One of the main reasons for the recent drop in Pi's price is issues related to the Know Your Customer (KYC) process and asset transfers. Many users are having difficulty completing these steps, creating negative sentiment within the community.
Furthermore, investors' expectations that Pi would be listed on major exchanges like Binance have yet to materialize. The lack of official information has disappointed many, leading to skepticism and increased selling pressure.
Justin Bons criticized Pi Network, calling it a scam.
Pi Network continues to face criticism from industry experts. Justin Bons, founder of CyberCapital, publicly called Pi a "scam." He expressed concerns about the project's business model, technology, and token allocation structure.
Bons argues that Pi Network is operating in a centralized manner, contrary to its previous claims. He also criticizes the fact that every operation within the network requires KYC, even for simple transactions – which deprives users of control over their assets.
He also criticized the fact that the mainnet launch took five years, considering it a sign of a lack of seriousness and transparency. In particular, he argued that Pi's technology was nothing new, and even copied from the Stellar (XLM) blockchain.
According to Bons, Pi Network's lack of integration with the Turing virtual machine prevents the platform from deploying decentralized finance (DeFi) applications and also hinders its scalability. This significantly reduces Pi's technological potential and turns it into a closed ecosystem, making it difficult for genuine growth.
He also condemned Pi Network's referral program, saying it resembled a multi-level marketing (MLM) model, was costly, and offered no real value to participants.
One of the harshest criticisms Bons leveled was the lack of transparency in token allocation. He argued that the development team might be holding up to 20% of the total supply without disclosing this clearly to the community – contradicting the project's initial claims of fairness and transparency.
"PI making it into the top 20 is a disgrace for the crypto industry.,” Bons concluded.
