Pi Network’s PI token climbed 30% during Friday’s Asian morning session, according to CoinGecko data, after crypto exchange Kraken said it would list the asset. The move made PI one of the session’s strongest performers.
Pi Network is a mobile-first crypto project that replaces traditional proof-of-work mining with a phone-based trust graph. Users tap a mobile app each day to “mine” tokens and build identity-verified security circles, which feed into a consensus system derived from the Stellar protocol.
Mainnet opened to external connectivity in February 2025
After operating for years inside a closed ecosystem, the project said it launched its externally connected mainnet in February 2025. At that time, Pi Network said it had about 19 million KYC-verified users, with roughly 10 million accounts migrated to the chain.
PI is already listed on OKX, Gate, Bitget, and several smaller exchanges. Kraken’s planned listing adds another major trading venue for the token and was the immediate catalyst behind the latest price spike.
Past accusations remain part of the token’s trading narrative
In February 2025, Bybit CEO Ben Zhou publicly refused to list PI and called the project a scam. He cited a 2023 warning from Chinese police alleging that Pi Network targeted elderly users, collected personal information, and caused some victims to lose pension savings.
Pi Network later denied wrongdoing in a post on X last year, saying the police notice in China was related to bad actors posing as affiliates of Pi Network. The team also said it had not been contacted by any police department in China over the matter. A Pi spokesperson recently repeated that position to CoinDesk, saying there was no connection between Bybit and Pi and that the police warning concerned an impersonator. CoinDesk said it had requested more details about the impersonation case.