Pi Network is growing. The team is building new tools, improving migration, and making noise about ecosystem progress. But beneath the surface, a major problem is gaining attention. Over 370 million Pi tokens are now sitting on exchanges, while most users still don’t have access to their own tokens.
That’s a serious concern. If the majority of users are still waiting on technical fixes and KYC approvals, who exactly is trading these tokens?
Why Pi’s Token Access Feels Rigged
To move Pi tokens to the mainnet, users first need to pass KYC. Then they can begin migration but even then, only a portion of their Pi is unlocked. The rest stays locked under a vesting schedule, depending on how active the user has been.
For many, the process has been frustrating. Technical issues like 2FA errors and missing balances have only made it worse. Some users have been stuck in the queue for months.
Meanwhile, exchange balances have jumped from 244 million in March to over 370 million in July. That means more tokens are appearing on public markets, even though regular users are still locked out.
$PI new ATH. . The selling pressure continues to increase. 370million $PI in exchanges. . An increase of 8 Million $PI in 2 days. The selling pressure is mainly from increasing deposits.#PiNetworkpic.twitter.com/El6xDIqqrn
Ecosystem Progress Continues But Access Still Lags
Pi Network recently celebrated its Pi2Day event, highlighting key updates:
The launch of Pi App Studio, allowing users to build AI apps without code
A new staking feature that lets users support Pi apps they find useful
Backend upgrades that helped over 500,000 users migrate to the mainnet
A fiat on-ramp to make it easier to buy Pi and expanded .pi domain sales
These updates show Pi is moving forward. But while developers build and apps launch, most users still can’t use their tokens outside Pi’s ecosystem.
Trust Issues Are Now Front and Center
Pi Network says it wants to build a fair, open ecosystem. But with over 5.1 billion Pi still locked, and a growing number of tokens moving onto exchanges, users are asking: Is this really as decentralized as promised?
As exchange reserves rise and access stays limited, frustration in the community is growing. The network’s next big test will be to restore trust and give users access to what they’ve already earned.
Let’s see how this plays out.
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A new variation on crypto crime has occurred as three victims were robbed in a mall parking lot in Bangkok. They were preparing to exchange $100,000 in crypto assets when five assailants attacked them.
The criminals may have been involved in setting up the crypto deal, as happened in a similar incident in Phuket last November. Thai authorities are searching for the perpetrators.
Bangkok Crypto Deal Goes South
Crypto crimes are at an epidemic level right now, and that can manifest in some extremely bizarre ways. This recent story from Bangkok is a prime example, as crypto was never directly involved.
Instead, the victims pooled together 3.4 million baht (worth about $100,000) to do an in-person transaction, which evidently went south:
Police hunt 5 robbers after ฿3.4m crypto deal turns violent in Bangkok mall car park
In a shocking incident at Central Plaza Ladprao, thieves stole ฿3.4m during a planned cryptocurrency transaction, escaping in a Honda car. pic.twitter.com/PyLNKlnsk3
Unfortunately, there is a severe lack of other relevant details. Local authorities are looking for the attackers and have plenty of information about the getaway car. However, it may have been stolen before the theft took place.
Further, because this Bangkok theft didn’t involve crypto, there’s no way to monitor blockchain data. The perpetrators only need to launder a bag of cash, which might be incredibly easy.
Thailand has been home to another recent crypto theft, although this one took place far away from Bangkok. In November 2024, a Ukrainian national was robbed in Phuket, an island near the southernmost tip of the country.
Four men kidnapped and extorted him, demanding 250,000 in USDT. After they left, the victim escaped and informed the police.
One of these four robbers was a past associate of the victim, having previously bought USDT from him on several occasions. Hopefully, this 2024 incident may also provide a critical link to today’s Bangkok crypto theft.
Specifically, it seems very possible that the alleged crypto vendors and the robbers are in league or even the exact same people.
Crypto ATMs are not widespread in Thailand, so these Bangkok men needed some other intermediary to exchange cash for tokens.
Whoever offered to make the trade would, therefore, have more than enough information to stage a robbery. This theory seems more likely than the assailants randomly encountering men carrying a sack full of cash in public.
More Recent Crypto Crime Stories
BeInCrypto has been hard at work covering this crypto crime wave, including violent and nonviolent incidents:
North Korean hackers attack both sides of the hiring process, targeting crypto industry job seekers and posing as fake candidates. Pepe creator Matt Furie lost over $300,000 after hiring a hacker for an IT role, and Favrr lost $680,000 after appointing a North Korean infiltrator as its CTO.
Shockingly, low-quality crimes are seeing a lot of success in the US thanks to social engineering. Multiple criminals defrauded users out of millions, yet proved incredibly easy for law enforcement to track. One thief stole $4 million and lost almost all of it to a gambling addiction.
Despite all these crimes, authorities are on the hunt, as cooperation from 15 separate nations brought down an international fraud ring. The group stole $540 million from victims around the globe.
Raydium’s Smart Move:- The race to tap on the potential of memecoins is outdated. Now, web3 projects are racing to build and scale meme launchpads, the platforms that allow users to create and launch their own memecoin.
The centre of this fierce race have become the two leading competitors – Raydium and PumpFun. Both have launched and upgraded their memecoin lauchpads respectively in the last month.
Now, in another major stride by Raydium, it has collaborated with the leading meme project, BONK. Solana DEX Raydium and BONK have come together to launch their new memecoin lauchpad platform, LetsBonk.Fun. As the meme launchpad, LetsBonk allows users to create and launch their memecoins.
Raydium Launches Another LaunchPad – Whats Happening
Before discussing the new platform, it is important to note that this launch marks a significant evolution in the market trend. Earlier, there was a race to launch mass memecoins and now the focus has shifted to the launchpads that create them.
The new Bonk platform, LetsBonk, allows users to launch their own memecoin on Solana without coding. Users can simply connect a Solana wallet, fill in token details such as name, symbol, supply as per their choice. Users are then required to customize settings like liquidity and taxes, and pay a small fee in BONK.
Tokens can then immediately integrate with Raydium’s LaunchLab for liquidity and trading. The platform also offers features like liquidity locking to build investor trust.
We’re proud to partner with @RaydiumProtocol’s new LaunchLab contract—so you get instant access to Raydium pools and bot integrations from day one.https://t.co/YRGAhlNDki users are also eligible for the LaunchLab Prize Pool with 50k $RAY already up for grabs.
Interestingly, a portion of the platform fees will be used to support BONK buybacks and Solana network security. Letsbonk.Fun aims to democratize token creation while promoting transparency and sustainability within the Solana ecosystem.
Bullish Market Reaction
Since its launch, Letsbonk.Fun has witnessed significant engagement.Within the first 24 hours, the platform has attracted approximately 800,000 visitors and facilitated the creation of over 2,700 tokens.
Among these, more than 70 have been successfully launched.
Notably, the platform’s namesake token, LetsBONK, achieved a market cap of more than $30 million within just six hours of its debut.
The close integration of LetsBonk with Raydium has lead users raising certain questions. Few view this as a “smart play” by Ray to promote its own platform. Due to similarities in UI of both the platforms, few are calling the new launchpad nothing but Launchlabs.
A user on X highlighted the same program ID for creating tokens on both LetsBonk and Raydium’s LaunchLabs. Another highlighted that only changing the colour won’t bring up a new platform.
However, few analysts are hinting at a bigger strategy by Raydium to beat the monopoly of PumpFun in memecoin creator segment. They argue that launch of LetsBonk with the help of Raydium signifies that it is helping other projects to build their own launchpads via Launchlabs.
This strategy indirectly supports asset issuance, a core strength that drove Raydium’s success. Unlike AMM, this business moat is less prone to commoditization, offering a more sustainable competitive edge,” said an analyst.
In this way, it is indirectly competing with PumpFun. Notably, on April 26, Raydium’s LaunchLab had its biggest day with over 4k tokens launched within 24 hours of LetsBonk launch.
More than half of these tokens were from Bonk‘s new launchpad (letsbonkdotfun) that is built on top of Raydium Protocol‘s LaunchLab. There was total of $25m in trading volume on Day 1 of its launch.
Thus, one thing can be concluded: For BONK and users, the LaunchLab–built platform can be just another place to debut a memecoin. But for Raydium, it’s a strategic move that will affirm its place in market and drive new user engagement.
After numerous Congressional debates and revisions, the GENIUS Act is now on the verge of becoming law. The bill, which aims to regulate the stablecoin industry across the United States, is widely expected to be signed.
According to representatives from Digital Chamber, a D.C.-based advocacy group for the blockchain industry, the bill approval will likely come before the end of June. Such a move would increase institutional adoption and strengthen the US dollar’s dominance globally.
When Will the GENIUS Act Pass?
Poised for passage, the GENIUS Act is a landmark bill that would federally regulate the US stablecoin industry.
Despite recent disagreements between Republican and Democratic Senators, the bill passed a key procedural vote. Kristopher Klaich, Policy Director at The Digital Chamber, strongly believes in its impending approval.
“I feel pretty strongly that there won’t be more hiccups… I think the industry has been such a strong player in politics for the last couple of years and supporting campaigns… there’s a high cost for members that may be the stick in the mud,” he told BeInCrypto.
According to Taylor Barr, the advocacy group’s Government Affairs and PAC Manager, 53 amendments have been made.
“Majority leader Thune is committed to having what he’s calling a fully open amendment process, which means every single amendment has the full right to go through a debate vote and to have full closure on each amendment. So at the end of the day, that could be a three-week-long process,” Barr told BeInCrypto.
However, Barr clarified that a fully open process with 53 individual debates is unlikely. He expects these amendments to be divided into three or four groups, resulting in a more efficient and abbreviated open amendment process, given that many are duplicative.
If Barr’s estimations are correct, the bill will pass before the end of this month. When it does, the significance will be substantial for the greater crypto industry.
Understanding Stablecoin Impact
Stablecoins are arguably the most globally adopted digital asset. Unlike traditional cryptocurrencies like Bitcoin or altcoins, they provide worldwide access to a stable medium of exchange.
According to a January report by crypto exchange CEX.io, the total stablecoin transaction volume reached 27.6 trillion in 2024, exceeding Visa’s total payment volume and Mastercard’s by 7.7%.
Tether and Circle dominate the market at $151 billion and $59 billion, respectively. Together, they have an 89% market share, according to rwa.xyz.
Tether and Circle dominate stablecoin market share. Source: rwa.xyz.
Their heavyweight presence in global economies makes a bill like the GENIUS Act all the more significant. This is especially true in the context of a debilitated US dollar.
The Dollar’s Waning Influence
The US dollar started the year exceptionally weakly. Two days ago, the US Dollar Index (DXY)—a key measure heavily influenced by the euro—fell nearly 9% to just under 99. The results marked its weakest calendar year opening since at least the mid-1980s.
This situation and broader de-dollarization efforts by major US debt holders like China and Japan intensify concerns about the dollar’s future.
US Dollar Index Continues to Decline. Source: Yahoo Finance
Data from Ark Invest illustrates this shift. In 2011, these three nations held 23% of the $10.1 trillion in outstanding US Treasury debt.
By November 2024, despite the total outstanding US Treasury debt rising to $36 trillion, their combined holdings had dropped significantly to approximately 6%.
This substantial decrease in holdings by key foreign creditors highlights growing worries about the dollar’s long-term stability and the United States’ ability to refinance its massive debt.
“Dollars are the world reserve currency. Demand for dollars has waned at the sovereign level. Over recent years, the largest purchasers of treasuries are cutting their holdings of treasuries. That is not a good situation for the United States as they try to refinance,” Klaich said.
Klaich added that legislation like the GENIUS Act is crucial:
“In my mind, there’s very little more important than the stablecoin bill being passed from an macroeconomic perspective… If demand for dollars diminishes at the sovereign level, structurally speaking, if that is or can be replaced by demand at a retail individual level, that is a huge boon to the US government.”
The data behind Klaich’s statements seems to back his analysis.
What Role Will Stablecoins Play in Future US Debt Demand?
The stablecoin market is poised for significant growth. According to an April report from Citigroup, the total stablecoin supply could reach $1.6 trillion by 2030. This growth could create a demand for US debt comparable to the historical levels supported by sovereign nations.
Stablecoin issuers could be one of the largest holders of US treasuries by 2030. Source: Citigroup.
The GENIUS Act could facilitate this transition.
“Hopefully, when it passes, demand for stablecoins will explode because there are many companies and banks that are planning to introduce stablecoins that will provide the rails for them to operate at a consumer and business level. So the efficiencies companies and individuals realize will help push that,” Klaich explained.
“It allows anybody in the world to access US dollars. What that affords the US from an economic warfare standpoint is significant,” Klaich added.
With persistent inflation risks, the Federal Reserve is unlikely to buy back significant amounts of US treasuries. Therefore, encouraging stablecoin use allows this market to effectively replace currently ineffective financial mechanisms.
Amendments to the Bill
If the GENIUS Act is implemented correctly, the stablecoin industry could become a valuable financial tool for the US government to ensure long-term support for the US dollar.
The bill underwent a difficult revision process. According to Barr, the process was tedious and politically challenging.
“If you look at all of the progress we’ve made, we’ve worked on this for three Congresses now. We’ve worked on this [through] multiple different leaderships– minority, majority split. So we’re so close. We’ve done all this progress so we can see the finish line. We’re going to get there,” he said.
However, multiple revisions were a prerequisite for its passage to ensure the bill responsibly addressed consumer protection, national security, and market integrity issues.
Klaich noted that these critical concerns were addressed fairly in the legislative process. He emphasized that recent versions of the bill effectively integrated these revisions.
“None of those issues are existential, and they’ve been negotiated into the latest version of the bill that’s being considered right now. I think the changes that have been made are reasonable and acceptable,” he said.
The future will reveal if the bill passes and achieves its desired effect in helping the US overcome its complicated economic reality.
(@CRYPTOAD00) July 6, 2025
