Recently, a Pi coin eyewash case involving 23 billion yuan has shocked the Crypto Assets field. This project, which once claimed to have a "Stanford PhD" backing, was ultimately revealed to be a well-planned eyewash, resulting in significant losses for over 3,000 investors.
Chinese police launched a transnational operation and successfully dismantled a Pi coin scam gang's hideout in February 2025. Law enforcement officials froze 18,000 involved wallets and arrested 37 so-called "mentors" in Dubai. The extravagant lifestyle of these scammers is shocking: their mansion was filled with cash, and during the counting process, they even damaged three counting machines.
What is even more shocking is that the so-called "high-tech" background of Pi coin is completely fabricated. The technical identification results from a professional institution in Shanghai show that Pi coin's "mainnet" is merely a rented ordinary Alibaba Cloud server, and 91% of its code is plagiarized from the GitHub open-source platform. The backend data can be arbitrarily tampered with, and the number of Pi coins in user accounts is completely controlled by the operators; the so-called "mining" is just eyewash.
This scam network has built a multi-level harvesting chain: the bottom layer consists of ordinary investors attracted by the slogan "check in to mine and earn villas"; the middle agents profit by recruiting others and create an illusion of success by buying luxury cars with their shares; the top team forges "Manhattan PhD technical endorsements", while the real puppet masters hide in the Cayman Islands, remotely controlling the flow of funds.
The Pi coin case once again warns investors: blockchain projects centered around "referral" are essentially pyramid schemes. Those projects that rely on "prestigious school backgrounds" or "expert endorsements" are often just harvesting the intelligence tax. Truly valuable blockchain projects do not rely on gimmicks like "daily check-ins" for profit.
This event highlights the risks of the Crypto Assets market, reminding investors to remain vigilant and carefully assess the authenticity and sustainability of projects. In the rapidly changing field of digital currency, rational thinking and in-depth research are more important than blindly following trends. In the future, regulators may strengthen the review of similar projects to protect investor interests and maintain market order.
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GateUser-59a0233f
· 7h ago
Fraudsters are often those who try to take small advantages, and then there are those who let others manage everything and don't know how to operate. Especially some clubs engage in such activities. The project party did not do this; it's just their own behavior that allows the scammers to succeed.
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BearMarketSunriser
· 7h ago
What is meant to come will eventually come.
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AirdropFreedom
· 7h ago
It's hard to cut the roots of chives.
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ValidatorVibes
· 7h ago
Suckers have been played for suckers again.
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ClassicDumpster
· 7h ago
play people for suckers is done
View OriginalReply0
WhaleWatcher
· 7h ago
Fraud has become a routine practice.
View OriginalReply0
GateUser-ac8f50fb
· 7h ago
Did your whole family get screwed by the fourth one? You can't receive money, so you're complaining here!
Recently, a Pi coin eyewash case involving 23 billion yuan has shocked the Crypto Assets field. This project, which once claimed to have a "Stanford PhD" backing, was ultimately revealed to be a well-planned eyewash, resulting in significant losses for over 3,000 investors.
Chinese police launched a transnational operation and successfully dismantled a Pi coin scam gang's hideout in February 2025. Law enforcement officials froze 18,000 involved wallets and arrested 37 so-called "mentors" in Dubai. The extravagant lifestyle of these scammers is shocking: their mansion was filled with cash, and during the counting process, they even damaged three counting machines.
What is even more shocking is that the so-called "high-tech" background of Pi coin is completely fabricated. The technical identification results from a professional institution in Shanghai show that Pi coin's "mainnet" is merely a rented ordinary Alibaba Cloud server, and 91% of its code is plagiarized from the GitHub open-source platform. The backend data can be arbitrarily tampered with, and the number of Pi coins in user accounts is completely controlled by the operators; the so-called "mining" is just eyewash.
This scam network has built a multi-level harvesting chain: the bottom layer consists of ordinary investors attracted by the slogan "check in to mine and earn villas"; the middle agents profit by recruiting others and create an illusion of success by buying luxury cars with their shares; the top team forges "Manhattan PhD technical endorsements", while the real puppet masters hide in the Cayman Islands, remotely controlling the flow of funds.
The Pi coin case once again warns investors: blockchain projects centered around "referral" are essentially pyramid schemes. Those projects that rely on "prestigious school backgrounds" or "expert endorsements" are often just harvesting the intelligence tax. Truly valuable blockchain projects do not rely on gimmicks like "daily check-ins" for profit.
This event highlights the risks of the Crypto Assets market, reminding investors to remain vigilant and carefully assess the authenticity and sustainability of projects. In the rapidly changing field of digital currency, rational thinking and in-depth research are more important than blindly following trends. In the future, regulators may strengthen the review of similar projects to protect investor interests and maintain market order.