Pi Coin’s Wild Ride: CoinEx, Controversy, and Crashes!

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**Title: “Pi Coin’s Wild Ride: CoinEx, Controversy, and Crashes!”**

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Pi Coin’s Wild Ride: CoinEx, Controversy, and Crashes!

Pi Network’s cryptocurrency, Pi Coin (PI), has danced its way onto another exchange, CoinEx, in a move that’s either a masterstroke or a madcap gamble.

But hold your horses, folks! This listing arrives amidst a whirlwind of questions, as the Pi Network’s pioneers demand to know where the money’s actually coming from.

Pi Coin Joins the CoinEx Circus

On March 18, 2025, PI made its grand entrance on CoinEx. The deposit and withdrawal curtains rose at 11:00 UTC, with the trading spectacle starting at 11:30 UTC, letting Pi holders swap their treasures for Tether (USDT).

“After scrutinizing it with a fine-toothed comb, CoinEx will list PI (Pi) on March 18, 2025,” the exchange declared with a flourish.

With this new act, Pi Coin is now a star on 12 exchanges, according to Coinranking. But the big question remains: will Binance join the party? 🎉

Though 86% of the Pi community voted for a Binance listing, the exchange is playing hard to get, leaving some to wonder if Pi is all show and no substance.

“Not landing on Binance, despite 86% of the community cheering for it, is like a comedian bombing at a comedy club,” a pioneer grumbled on X.

Pioneers Demand Financial Revelations

As the drama unfolds, Pi Network finds itself in another soap opera. Users are clamoring for the truth about the network’s financial backers.

A detective-like pioneer discovered that SocialChain Inc., the mastermind behind Pi Network, got cash from three firms: 137 Ventures, Ulu Ventures, and Designer Fund. But here’s the twist: two of these investors forgot to mention Pi Network in their portfolios!

And the plot thickens: these firms are tight-lipped about how much they’ve invested in Pi Network, even though they’re usually open books for other investments.

“Why is Pi Core Team playing hide and seek? We deserve the truth! For Pi Network to stick around, they need to come clean about their financial backers and buddies,” the post demanded.

Adding to the drama, a lawsuit by former co-founder Vince McPhillip against Pi Network spills more beans. The complaint, a real page-turner, includes claims of wrongful termination, emotional distress, and broken promises.

Yet, it reveals that Pi Network raised funds by selling SAFEs (Simple Agreement for Future Equity).

According to the lawsuit, Pi Network sold SAFEs in September 2019, aiming for a cool $20 million. They raised $500,000 then, and a few months later, in February 2020, they scored another $300,000 at the same valuation.

But the story doesn’t end there. The lack of financial transparency continues to stir the pot in the Pi Network community.

Pi Coin’s Price Takes a Plunge

In the midst of all this, PI’s price is doing a nosedive. The altcoin has lost 19.3% of its value in a week, sliding down the cryptocurrency rankings from 12th to 21st on CoinGecko. 📉

While the whole cryptocurrency market is having a rough time, PI’s losses are like a lead balloon. At press time, PI was trading at $1.1, down 16.5% in the past 24 hours.

Despite the ups and downs, Pi Network’s community is still going strong, especially with PiFest 2025. The event has drawn in 100,000 registered sellers worldwide, including 49,000 active participants on the Map of Pi.

Social media is abuzz with activity from communities in Vietnam, Indonesia, and beyond, where folks are trading goods and services using PI tokens.

And here’s a kicker: the Pioneer Korea community thinks 1 PI is worth $50, a far cry from its current market price. 🤯

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2025-03-19 09:44