Pi Network Price Today March 22, 2025: Down to Nearly 1 USD
Pi Network price today 3/22/2025 decreased sharply by 4.3% compared to yesterday, currently at 1.09 USD. Justin Bons criticized Pi Network, calling it a scam.
Pi Network Price Today March 22, 2025
Pi price on OKX exchange on March 22, 2025 is fluctuating around the price from 0.8663 USD to 1.14 USD (equivalent to 22,160 VND to 29,140 VND). Thus, according to the time of writing, Pi price on OKX exchange decreased sharply by 4.3% compared to yesterday, reaching 27,700 VND
One of the main reasons for the recent decline in Pi price is the issues related to the Know Your Customer (KYC) process and asset transfers. Many users have had difficulty completing these steps, creating negative sentiment in the community.
In addition, investors' expectations of Pi being listed on major exchanges like Binance have so far failed to materialize. The lack of official information has disappointed many, leading to skepticism and increased selling pressure.
Justin Bons criticizes Pi Network, calling it a scam
Pi Network continues to face criticism from industry experts. Justin Bons, founder of CyberCapital, has publicly called Pi a “scam.” He has expressed concerns about the project’s business model, technology, and token distribution structure.
Bons argues that Pi Network is operating in a centralized manner, contrary to what they have claimed. He also criticizes that every operation in the network requires KYC, even for simple transactions – which takes away the freedom of users to control their assets.
He also considered the 5-year delay in launching the mainnet to be a sign of lack of seriousness and transparency. In particular, he said that Pi's technology is nothing new, even copied from the Stellar (XLM) blockchain.
According to Bons, the lack of a Turing virtual machine in Pi Network makes it impossible to deploy decentralized finance (DeFi) applications and also unable to scale. This greatly reduces Pi's technological potential and turns it into a closed ecosystem that is difficult to develop substantially.
He also condemned Pi Network's referral program as having a multi-level marketing (MLM)-like structure, which is costly without bringing real value to participants.
One of the most serious criticisms Bons has leveled is the lack of transparency in the token allocation. He claims that the development team may be holding up to 20% of the total supply, while not being transparent with the community – which contradicts the project’s initial claims of fairness and transparency.
“PI entering the top 20 is a shame for the crypto industry”, Bons concluded.