Pi Network continues to be one of the most talked-about cryptocurrency projects, attracting both praise and skepticism. Pi Network has defied some negative expectations, with its token securing a spot in the top 100 cryptocurrencies by market capitalization. However, doubts still persist, and discussions around the project continue to be heated.

Pi Network Responds to Controversy

Pi Network has faced significant controversy, particularly from prominent figures in the cryptocurrency space. In February, Ben Zhou, CEO of Bybit, one of the largest cryptocurrency exchanges, publicly labeled Pi Network a scam. His comments were based on police reports from Chinese authorities that described the project as a potential multi-level marketing (MLM) scheme. Zhou also introduced that Bybit would not list Pi’s native token, the Pi coin, on its platform.

In response to these allegations, Pi Network issued a statement clarifying its position. A spokesperson for the project emphasized that Pi Network does not operate as an MLM scheme. Unlike traditional MLMs, where participants benefit from referrals at multiple levels, Pi’s referral system operates on a single-level structure. This means that if Person A refers Person B, and Person B refers Person C, Person A does not receive any bonus or benefit from Person C’s involvement. This clarification was an attempt to distance the project from the accusations and maintain trust with its community.

Pi Coin Faces a 22% Decline

In recent weeks, Pi coin has experienced a significant drop in price. Over the past two weeks, its value has decreased by 22.5%, and it has fallen by an additional 6% in the last 24 hours. The price of Pi coin is currently trading below $0.80, marking it as one of the worst-performing assets in the top 100 cryptocurrencies by market capitalization. The price decline mirrors the broader bearish trend in the cryptocurrency market, which has seen a downturn across many tokens.

However, it’s important to note that the price movement of Pi coin does not appear to be directly related to specific issues within the project itself, but rather reflects the overall market conditions. With the cryptocurrency market struggling in general, Pi coin’s performance has been affected by the same trends impacting other coins like Hyperliquid and Kaspa.

Pi Network Implements Migration and Account Verification Updates

In an effort to improve security and streamline user experience, Pi Network is migrating to a new account verification system. Previously, the network relied on phone numbers as the primary form of identification for users. However, the team has cited issues with this method, including reliability and cost concerns. To address these challenges, Pi Network is moving to an email-based two-factor authentication (2FA) system.

This change is expected to enhance security and provide a more dependable system for verifying accounts. Pi Network has also outlined additional steps that users must complete during the migration process to ensure a smooth transition to the new verification method. This update signals the team’s commitment to improving its infrastructure and providing a more robust platform for its growing user base.

Conclusion

Pi Network remains a controversial project, with its market performance and reputation continuously under scrutiny. While the token has faced recent price declines, it still maintains a position in the top 100 cryptocurrencies. The team’s efforts to address concerns and implement updates, like the new email-based verification system, show their intention to improve the network’s overall user experience. As the project continues to evolve, it will be interesting to see how these developments influence its future and whether it can overcome the skepticism surrounding its operation.