Why PiBridge Raised Alarm Over Alleged Fraud by Fantomlive

PiBridge, a key player in the Pi Network ecosystem, has issued a warning regarding what they perceive to be fraudulent behavior by Fantomlive, raising concerns among users who participated in an Initial DEX Offering (IDO) event on the Fantomlive platform. The alarm was sounded through PiBridge’s official Telegram group, alerting users to urgently seek refunds for their investments amid allegations of non-payment of funds raised during the event.

According to PiBridge’s team, Fantomlive reportedly raised $20,000 during the IDO event but has failed to remit the funds to PiBridge as agreed upon. Despite efforts to negotiate with Fantomlive for the transfer of the raised amount, PiBridge claims that their attempts have been met with resistance.

In a statement shared on Telegram, PiBridge expressed its commitment to safeguarding the interests of its users and striving to achieve the best outcomes for the community. However, the team lamented Fantomlive’s alleged breach of trust, accusing the platform of reneging on its commitment to allocate the raised funds for post-funding product development activities.

Furthermore, PiBridge alleges that Fantomlive’s actions have had a direct impact on users of the PiBridge platform, particularly through what they describe as a “mass release” of PiB tokens on the market. In response to Fantomlive’s purported misconduct, PiBridge is urging its users to refrain from engaging further with Fantomlive and similar platforms.

In light of the situation, PiBridge has announced decisive measures, stating that IDO tokens on Fantomlive that have not been vested will be destroyed and burned. Additionally, users who participated in the IDO event are advised to contact Fantomlive for refunds or to register to purchase PIB tokens through alternative means.

What is PiBridge?

PiBridge serves as a hybrid gateway aimed at bridging the gap between the Pi Network and other blockchain networks. By dismantling barriers and facilitating interoperability, PiBridge aims to make Pi accessible to a wider audience while providing the Pi community with transparent financial tools. The platform enables seamless movement of data and assets between the Pi Network and other blockchain networks, with plans to expand connectivity to additional networks such as Binance Smart Chain (BSC), Polygon, and Cosmos.

As PiBridge users navigate the aftermath of the alleged fraud involving Fantomlive, the incident underscores the importance of due diligence and caution in the decentralized finance (DeFi) space. The PiBridge team’s swift response highlights their dedication to maintaining trust and integrity within the Pi Network community, as they continue to pursue their mission of bridging blockchain ecosystems for the benefit of users worldwide. Read Similar Story

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