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VTV.vn - Some social media groups have witnessed transactions using Pi coins in the form of self-agreed prices. This poses many risks leading to the potential for fraud.
Pi Network (also known as Pi coin) is a type of cryptocurrency well-known in Vietnam for the past 3 years. Exploiting the mindset of many who want to get rich quickly from digital currency, some projects have advertised and inflated the value of Pi coins to attract a large number of players. So far, Pi coins remain worthless.
However, in some social media groups, transactions and exchanges of goods using this currency in the form of 'consensus' have occurred, meaning self-agreed prices. This poses many risks leading to the possibility of fraud. In addition, users also face a high risk of exposure and leakage of personal information.
To mine Pi, users need to download the app to their phones, verify login, and check in every day. The more players you recruit in the network, the faster the coins accumulate.
Once hopeful of earning a large sum from this venture, after a long period of no change, some have begun to doubt the fate of Pi coins.
'When I joined, it felt somewhat like a multi-level marketing project. People kept inviting each other to play more for greater rewards. There was always the expectation that some event would make Pi coins valuable, but after waiting for years, nothing has happened. Gradually, people got bored and left. I know many who bought goods with Pi, only to lose the items. They ended up with a bunch of Pi, but it didn't amount to anything' - a Pi Network participant shared.
The Pi mining app also requires users to verify their identity with personal documents. The app requests up to 28 permissions, including reading the address book, viewing network information, and using biometric hardware. These are important personal information, and if leaked, could aid malicious actors in fraudulently seizing assets.
Cybersecurity experts advise that with the daily routine of checking in on the app for attendance, the first risk is the potential exposure and data leakage when information is transferred to foreign servers. In addition, there may be a risk of falling victim to fake software installation, taking control of the phone, and subsequently stealing information or money.
Recently, in Pi Network communities in Vietnam, many posts have shared transactions using Pi. Some claim to have bought and sold electronic devices, food, etc., with Pi or exchanged Pi at a rate close to 1 USD. According to regulations, trading goods with virtual currency violates Vietnamese law, so participants - both buyers and sellers - may face legal risks.
Lieutenant General Le Xuan Minh - Deputy Director of the Cyber Security and High-Tech Crime Prevention Department (A05), Ministry of Public Security - stated: 'The Cyber Security Department is coordinating with local police to clarify these activities. No business activity can generate such high profits in online environments. Signs of recruitment and multi-level marketing activities always carry many risks for people participating in these models'.
It cannot be confirmed whether Pi Network is a scam or not. However, participants need to be extremely cautious when investing time, effort, or money in any cryptocurrency, not just Pi Network. Especially, exercise caution when providing personal data to these platforms, as the use of such data is uncertain.
