NOIDA (CoinChapter.com)—There has been a notable increase in scam warning posts from Pi Network-related social media handles. Given that the Pi Network team hopes to launch its open mainnet in June, the rise in scam allegations could spell trouble for the mobile mining platform.
Pi Network had given June as the deadline for launching its much-awaited and oft-delayed open mainnet. The mainnet launch will give meaning to the platform’s native token, PI, which users currently mine using their mobile phones.
Scammers Target Pi Network Users As Mainnet Launch Nears
As of now, PI coins trade as IOUs on exchanges or when users transact with other users in Peer-to-Peer (P2P) trading since the mined tokens do not have any real-life value. Interestingly, the Pi Network team has not shared any particular date for the mainnet launch.
Scammers are increasingly targeting Pi Network users by sending small transactions from fraudulent wallets and posing as the core team. These scams direct users to malicious sites to steal passphrases. For instance, a user shared a post about how he almost got scammed.
Ivan Gan, a Pi Network user, shared that scammers targeted him “moments” after a transaction with a memo containing a phishing link. The scams are more common in Vietnam and other similar countries with a significant Pi Network user presence.
Furthermore, there are speculations that the PI Network Mainnet launch date could delayed, with one of the Pi Network-themed social media accounts asking users if they prefer a June data or a delayed launch.
It will be surprising if users opt for more delays in the mainnet launch.z`
PI Coin IOU Forms Bearish Pattern
Meanwhile, PI coin price is moving inside a bearish technical setup called the ‘rising wedge.‘
As the wedge narrows, the resistance line and support line ascend at different angles. The divergence typically leads to a downward breakout, with the price dropping below the support line and potentially signaling a sell-off.
The price target of the pattern is equal to the height of the wedge’s back. If the PI coin price breaks below the bearish pattern, the token might fall to the theoretical price target near $14, a drop of over 67% from current levels.
