# Pi Network review: Trust Score 38/100 (Caution)

Source page: https://vaultx.llc/reviews/pi-network · independent VaultX review by Rex · updated 2026-10-27

Mobile-mining project with huge community but years of delays, KYC bottlenecks, and regulatory warnings

Pi Network launched in March 2019 promising accessible mobile cryptocurrency mining and a three-phase blockchain rollout. The project has a massive user base (millions on social platforms) and reached Open Mainnet in February 2025, but independent coverage centers on repeated delays, missed protocol deadlines, and a credibility gap between announcements and verified adoption. Chinese authorities explicitly warned against Pi as 'valueless virtual asset' used for illegal fundraising (December 2024), Vietnamese police warned it is not legal payment (March 2025), and one U.S. investor lawsuit seeking $10M in damages was reported. User sentiment is sharply polarized: supporters praise low-barrier mining and community size, while the majority of complaints focus on KYC/migration delays (often months or years), inability to withdraw, poor support, and concerns the app monetizes ads and data without delivering real value.

**Red flags**
- Chinese authorities (7 national associations) explicitly warned December 2024 that Pi is a 'valueless virtual asset' used for illegal fundraising and pyramid schemes
- Chinese authorities reportedly designated Pi as 'illegal fundraising' in February 2025, affecting ~30 million users
- Vietnamese police warned March 2025 that using Pi for payments is illegal and can result in fines or criminal prosecution
- One U.S. investor lawsuit seeking $10M in damages reported in 2025 (no public docket or outcome found)
- Repeated protocol and roadmap delays: smart-contract target June 2026, delivered August–October 2026
- Majority of user reviews cite KYC/migration delays of months to years, inability to withdraw, and lack of support
- Unverified partnership claims (PayPal, RoboPay) reported by crypto.news in August 2026 with no confirmation from alleged partners
- Price weakness: PI traded around $0.07–$0.09 in mid-to-late 2026, well below early hype levels
- Accusations from industry figures (Bybit CEO Ben Zhou, Justin Bons) of MLM-like referral structure, though Pi publicly rejected the claim

**Green flags**
- Doxxed founders and named operating company (not anonymous)
- Open-source blockchain with public testnet (March 2020) and mainnet (December 2021 Enclosed, February 2025 Open)
- Kraken listed PI for spot trading in March 2026 (first major U.S.-regulated exchange per crypto.news)
- Active development: Protocol 26, 27, 28 upgrades delivered in 2026; Pi Desktop 0.6.3 and 0.6.4 released September–October 2026
- Large, engaged community (2.9M Telegram, 3.5M Twitter, 1.65M YouTube)
- Some users report successful KYC completion and test cash-outs via exchanges like OKX
- No verified SEC enforcement action, CFTC order, or concluded criminal case against the core team (as of available records)

**Sources**
- Pi Network Newsroom (official) https://minepi.com/newsroom/
- crypto.news – Pi Network credibility gap: real infrastructure, unverified partnerships https://crypto.news/pi-network-credibility-gap-real-infrastructure-unverified-partnerships/
- crypto.news – Pi Network Ecosystem Summit; PI price below $0.08 https://crypto.news/pi-network-ecosystem-summit-pi-price-below-0-08/
- crypto.news – Pi Network Protocol 26, DEX, September market https://crypto.news/pi-network-protocol-26-dex-september-market/
- crypto.news – Pi Network Desktop 0.6.4, SoloHost, PI price https://crypto.news/pi-network-desktop-0-6-4-solohost-pi-price/
- crypto.news – Pi Network's path to Tier-1 exchanges: Binance, Coinbase, Kraken https://crypto.news/pi-networks-path-to-tier-1-exchanges-whats-happening-with-binance-coinbase-and-kraken/
- The Defiant – Pi Network's price plummets below $1 as allegations of a scam fly https://thedefiant.io/news/markets/pi-network-s-price-plummets-below-usd1-as-allegations-of-a-scam-fly
- PieDaily (Pi-focused news site) https://piedaily.com/

Not financial advice. Nobody can pay for a VaultX review.

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