Pi Network, a popular cryptocurrency project, is facing ongoing controversy and significant market volatility. While the network achieved success after its mainnet launch, attracting strong investor interest and even surpassing $4,500 in price recently, skepticism remains high. This article analyzes recent developments in the Pi Network ecosystem, addressing key concerns and insights from industry experts. It examines allegations of a potential scam against the project by leading cryptocurrency exchange Bybit and explores the rationale behind Pi Network’s referral program structure. Furthermore, it highlights the impact of broader market trends on Pi coin price, which has significantly declined over the past two weeks. The article dives into Pi Network’s migration from phone-based identification to email-based two-factor authentication, offering updates on this significant change and the subsequent verification process for users.