On January 2, the price of Wrapped Pi token spiked to almost $20 before dropping to around $10. Since its inception less than a week ago, the token has generated quite a stir, which is best demonstrated by the price fluctuation of the token.
The Wrapped Pi token rallied behind the sizable Pi Network community during a contentious Initial DEX Offering (IDO) and saw a 24 hour price increase. WPI has a 24 hour high of $18.31 and a 24 hour low of only $7.27, according to CoinMarketCap.
Over the New Year, Pi Bridge launched the Wrapped Pi token with IDOs on six platforms. One partner, FantomLive, appears to have tried to defraud users of $20,000 after selling out and performing well across the platforms.
The news regarding FantomLive is actively evolving. The PiBridge team assured BSC News that they have a backup strategy in place in the event that FantomLive entirely fails and refuses to issue refunds to customers.
Pi Bridge is seeking to engage with the team to issue refunds to users after burning any tokens that were still unvested on FantomLive. Notably, since the PiBridge IDO on December 28, FantomLive deactivated their Telegram account and stopped tweeting.
The issue regarding Wrapped Pi should not be underestimated. Users searching for a stable project should already be concerned about the price fluctuation, but the launch controversy should make them even more concerned. Who knows, though; the Pi Network community is still strong, and much of economics is still based on FOMO and excitement.
The Pi Bridge team has not been officially connected to the Pi Network core team. The native coin of the Pi Network, The Wrapped Pi, is still an unauthorized wrapped token on BNB Chain. Wrapped Pi’s ultimate objective is to create a bridge between BNB Chain and Pi Network that uses Pi Coin in a 1:1 ratio.
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