On March 2, Vietnamese authorities warned citizens to be cautious about the risks associated with Pi Network. They declared that this token lacks real utility and its nature remains ambiguous. The Hanoi police attributed the increased attention to Pi Network to extensive social media advertising and potential listing on exchanges after the launch of the mainnet. Authorities cautioned that the project, by creating unrealistic price increase expectations, attracts users while many are unaware of the real risks of this investment. It was also emphasized that digital currencies, including Pi, are not recognized as legal assets in many countries. Therefore, in case of disputes or financial losses, there will be no legal support. Moreover, concerns have been raised about the potential misuse of Pi Network in illegal activities such as fraud, money laundering, embezzlement, and unauthorized user data collection. The combination of these regulatory warnings with factors such as the delay in Pi listing on Binance exchange and the possibility of extensive selling by whales have led to a price drop of this token in the past 24 hours. Currently, Pi is trading around $1.63 with a 7.56% daily decline, and with continued selling pressure, the possibility of dropping to the support level of $0.70 exists. The decline in Pi Network’s price occurred as the overall digital currency market turned green due to the issuance of Trump’s executive order to create strategic crypto reserves.
