Vietnam Launches In-Depth Probe Into Pi Network: Shedding Light on Cryptocurrency’s Legitimacy

The emergence of cryptocurrencies has sparked significant interest among investors worldwide. With promises of decentralized transactions and the potential for high returns, these digital assets have garnered attention from individuals seeking alternative investment opportunities. One such cryptocurrency that recently gained popularity is Pi Coin.

pi coin symbol

Pi Coin, developed by the Pi Crypto Network, attracted a substantial user base with its promise of unique features and potential profitability. However, concerns about the lack of transparency and the network’s complex multi-level marketing structure soon cast doubt over its operations. Regulatory authorities in Vietnam, in particular, raised red flags regarding the dubious business practices employed by the Pi Crypto Network.

The Department of Cybersecurity and High-Tech Crime Prevention in Vietnam expressed deep reservations about the operations of cryptocurrency models like Pi in July 2023.  These models were deemed excessively intricate and unregulated, raising serious concerns about their legality and ethicality.

We can see PI price drop after this news in July 2023.

While cryptocurrency investments have become prevalent, investors must approach such opportunities cautiously due to the high risks involved.

One of the alarming aspects of Pi Coin and similar schemes is the apparent coercion of individuals by cryptocurrency promoters into joining multi-level marketing structures. In these schemes, investors are enticed by the promise of high profits, which they can only achieve by recruiting others into the network. Such practices have caught the attention of the police, who are now actively investigating activities related to the Pi cryptocurrency, casting doubt on its legitimacy.

Investigating Pi Coin’s Dubious Business Practices

The recent investigations into the Pi Crypto Network have shed light on the questionable business practices employed by the organization. The lack of transparency, essential for any blockchain project, has drawn significant criticism from regulatory authorities and the public alike. The resemblance of Pi Coin’s operations to multi-level marketing structures has raised further concerns about its legitimacy.

The authorities, particularly the police, have emphasized the need for greater regulatory scrutiny in the cryptocurrency market. They caution individuals against investing in schemes that promise unusually high profits, as these often come with substantial risks. Despite the growing popularity of cryptocurrencies, it is crucial to remember that this market remains relatively new and largely unregulated. As a result, investors must exercise caution and conduct thorough research before engaging in any investment opportunity, especially those involving complex multi-level marketing structures like the Pi Crypto Network.

The investigations into Pi Coin highlight the necessity for regulatory clarity to protect investors from fraudulent schemes. Establishing guidelines and oversight mechanisms that can identify and prevent such practices from increasing within the cryptocurrency market is essential. By fostering a more transparent and regulated environment, authorities can enhance investor confidence and mitigate the risks associated with these investment opportunities.

As the investigations into Pi Coin unfold, potential investors must remain vigilant and skeptical of schemes promising extraordinary returns. Educating oneself about the intricacies of the cryptocurrency market, conducting due diligence, and seeking advice from trusted financial professionals can significantly reduce the risk of falling victim to fraudulent schemes. The cryptocurrency market can evolve into a more trustworthy and reliable ecosystem for investors through increased awareness and regulatory measures.



Igor has been a trader since 2007. Currently, Igor works for several prop trading companies. He is an expert in financial niche, long-term trading, and weekly technical levels. The primary field of Igor's research is the application of machine learning in algorithmic trading. Education: Computer Engineering and Ph.D. in machine learning. Igor regularly publishes trading-related videos on the Fxigor Youtube channel. To contact Igor write on:

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