Vietnam’s Authorities Highlight the Risks Associated to Transactions with Pi Crypto

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Le Xuan Minh, the head of the Department of Cybersecurity and High-Tech Crime Prevention of Vietnam, declared that the operations of cryptocurrency models are “extremely complex and uncontrollable” and bring abnormally high profits, prompting the department to launch an investigation into related activities.

He advised citizens to stay away from investing in cryptocurrency due to its lack of transparency and the potential for illegal use, such as fraud.

Pi Network started in 2019 and is at the peak of its popularity in 2021.

AIMultiple specialists previously suggested that the Pi Network App can be involved in leaking the private data of 17 GB of Vietnamese users and may have indications of being a multi-level marketing scheme.