Recent Pi Network (PI) Developments, Important Scam Warnings, and More: Bits Recap May 16

TL;DR

What’s New Around Pi Network?

The controversial crypto project made the headlines on May 8, teasing a mysterious announcement that would be released in the upcoming days. The community took this as a positive sign, with some expecting major news, such as PI’s listing on the world’s largest cryptocurrency exchange, Binance.

The excitement also seems to have triggered a price rally for Pi Network’s native token, which surged by almost 200% at one point and jumped above $1.70 (the highest point observed in the past two months).

On May 14, the team behind the project lifted the curtain, unveiling the launch of a $100 million initiative (held in PI and USD) to invest in startups and businesses that “advance the utility and real-adoption of PI.”

The price of the underlying token dipped substantially following the announcement, reaching a local bottom of nearly $0.80. This appears to be a classic “buy the rumor, sell the news” case where the asset’s valuation climbs in anticipation of a certain disclosure, only to decline once the news becomes public.

Meanwhile, Binance posted a cryptic message on its official X account that many community members view as a potential PI listing coming soon. The company presented its logo with mathematical symbols, one of which was the constant π. Many users pointed out the connection with the crypto project, whose native token has the same name.

It is important to note that Binance issued a community voting in February to determine whether its users want to see PI available on the platform. The vast majority clicked the “yes” option, but the company has yet to respect their wish.

Binance Flashes the Red Flag

Approximately a week ago, the exchange warned its users about phishing scammers who present themselves as Binance staff on Telegram and other social platforms. Per the alert, fraudsters direct victims to designated links, which can later steal their credentials or 2FA codes.

Binance advised people to be utterly cautious about suspicious messages and to double-check information before clicking on unfamiliar links. The company’s CEO shared the warning, saying:

“We’re here 24/7, but your vigilance is the first line of defense.”

Shiba Inu Also Sounded the Alarm

Scams are a persistent and unpleasant part of the crypto space, and Binance isn’t the only entity to warn about such dangers. Most recently, LUCIE – Shibarium’s marketing strategist – revealed their personal encounter with bad actors years ago.

The X user said the attack caused a huge trauma since wrongdoers managed to drain the victim’s wallet. LUCIE also stated that the person who carried out the scam was “so kind, so sympathetic” and an English native speaker, meaning that people can easily be tricked. 

In conclusion, Shibarium’s lead advised people to be careful and stay safe.