Pi Network Faces Challenges with Launch and Price Volatility

Pi Network has just been launched on major exchanges, but users are facing difficulties in withdrawing Pi. Currently, the price of Pi has fluctuated strongly and has dropped below 1 USD. This volatility has led to a strong sell-off trend from the Holder.

Concerns About Regulations and Withdrawal Issues

A user in the UK has questioned whether regulations could be the reason for these changes, and why withdrawal issues are occurring at this time. The cause of the volatility and the suspension of withdrawals is still unclear, but concerns about regulations may affect the uncertain market conditions.

Withdrawal Issues on Major Exchanges

In addition to concerns about the price, many Pi Network users have reported difficulties with exchanges such as Bitget and OKX. A user said they had deposited 1,500 Pi into Bitget but could not withdraw. Similar concerns have appeared on social media, and the Pi Core Team has received many inquiries requesting an explanation.

For OKX users, the exchange has suspended Pi withdrawals for more than 24 hours, according to a user report. Frustrated with the suspension, a user contacted OKX support and was advised to provide a unique ID and email to start the refund process. The user requested a refund of the deposited amount and received a response email, but there is still no confirmation on the timeline for the withdrawal restoration.

Bitget has responded to the email and written, "We would like to inform you that your request is being processed and has been escalated to the relevant department to expedite the process. Please be assured that your request is our top priority at the moment. We appreciate your understanding and patience. Once again, we sincerely apologize for any inconvenience caused. You can expect your request to be completed within the next 24-48 hours."

Warning from Pi Core Team

Pi Network users are advised to monitor announcements from the exchanges and the Pi Core Team, as the situation is still evolving. In this uncertain context, the Pi Network team has issued a statement and written, "Be cautious of fake Pi listings on other DEXes. It is important to note that all current Pi trading pairs listed on any DEX are fraudulent and likely part of a scam, resulting in potential loss for you. Pi Network strongly advises you to avoid participating in any current DEX trading pairs."