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- Zafar Naik
Zafar Naik
- Reviewed by:
Qadir AKQadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Jul 29, 2025 11:10 UTC
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Is Pi Network a Scam? Analyst Explains Why 65M Users Changed Everything
Crypto expert Dr. Altcoin says Pi Network's delays stem from overwhelming user growth, not fraud.
Pi has crossed 65 million users and rolled out key updates, including new exchange listings and wallet features.
Security concerns remain, but supporters say the project’s long-term vision is still on track.
After months of silence, slow progress, and a frustrated community, many seem to have given up on the Pi Network.
But crypto analyst Dr. Altcoin is defending the project from collapse under its own weight.
Here’s what he has to say.
Doubts Grew After Missed Deadline
Pi Network has been under fire for delays especially after missing its promised Open Mainnet launch in December 2024. Even longtime supporter and crypto expert Dr. Altcoin admitted he began questioning the project’s direction.
“The only time I ever doubted whether Pi Network might be a scam was when the Pi Core Team repeatedly broke its promises,” he said in a recent post.
In January 2025, he ran a poll among nearly 5,900 users. 52% still backed the project. Confidence grew stronger when Pi Coin was listed on major exchanges like OKX and MEXC in February, staying within the Q1 timeframe he had set as a personal deadline.
A Project That Grew Faster Than Expected
So what caused the delays? According to Dr. Altcoin, Pi Network simply grew too fast.
What started as a small project ballooned into a global network with over 65 million users across 200+ regions. The infrastructure, he says, wasn’t built for that kind of scale, causing bottlenecks and slowdowns.
“The project’s infrastructure was pushed beyond its limits, yet it endured,” he said. “It was and still is a massive undertaking.”
Pi Network Keeps Building Behind the Scenes
While users have been waiting for updates, the team has continued development.
- A new Pi Node upgrade (v0.5.3) is now live. It adds auto-update features and makes it easier to set up nodes.
- Banxa integration now lets users buy and sell Pi using Apple Pay, Google Pay, and other payment methods.
- Pi has been listed on more exchanges, including Swapfone, a U.S.-regulated platform.
There’s also speculation about a Binance listing, after recent Pi Wallet updates showed support for Binance Connect and Binance P2P. That would indeed be huge!
Security Is Still a Concern
As the Mainnet migration continues, the Pi Core Team is urging users to complete 2FA setup in their Pi Wallets. This has even prompted speculation that something major is coming. But Dr. Altcoin says that’s not enough.
He’s calling for multi-factor authentication, including biometrics, to keep wallets secure even if a user’s passphrase gets leaked.
What’s Next for Pi Coin?
Pi Coin’s price has stayed between $0.43 and $0.45, but traders say it recently broke above a key trendline. If it holds support, a move toward $0.465 could follow.
Still, price isn’t the full story here. Pi’s development is moving slowly, but steadily. And for now, that’s keeping the project alive in the eyes of its strongest supporters.
“Let’s not forget to celebrate the milestones Pi Network has already achieved,” Dr. Altcoin said.
Whether the big breakthrough comes next or not, we’ll keep you posted.
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FAQs
No. Despite delays, Pi Coin is listed on OKX, MEXC & Swapfone. Analyst Dr. Altcoin confirms legitimacy but criticizes missed deadlines.
Pi Coin was listed on major exchanges like OKX and MEXC in February 2025, following its Open Mainnet launch.
The Pi Core Team urges 2FA setup in Pi Wallets, with Dr. Altcoin recommending multi-factor authentication including biometrics.
Yes 
No 
