At the end of February 2025, many groups, forums, and social networking sites continuously posted informational and promotional articles related to the Pi Network virtual currency. In particular, the listing of Pi Network on a number of virtual currency exchanges has created excitement in the community of people who own this "currency". Many people shared on social networks that they "dream" of becoming millionaires and changing their lives soon.

However, authorities and experts have repeatedly warned about investing in Pi Network in particular and virtual currency in general. If you are not careful, it is easy to lose real money.

Dr. Dang Minh Tuan, Chairman of the Vietnam Blockchain Alliance, pointed out that Pi Network is a non-transparent project. This virtual currency is currently being over-advertised by some individuals and organizations with the expectation that this "currency" will be the most widely used in the world, but in reality, most countries do not accept it legally.

Authorities have repeatedly warned people about the risks of investing in virtual currency.

Also related to Pi, Hanoi City Police in early March 2025 issued a warning related to virtual currency. The authorities informed that some subjects may take advantage of Pi Network currency to commit illegal acts, such as creating fake Pi virtual currencies, raising capital for the purpose of fraud and appropriation of assets. Bad subjects even created fake Pi Network applications to illegally collect user data, illegally access for the purpose of fraud, appropriation of assets or virtual currency in Pi virtual currency buying and selling transactions. Police in some provinces also warned that subjects are even willing to impersonate authorities, lure people with little knowledge to invest in virtual currency and a series of risks of information security loss, loss of real assets. When asked, many people said they only invested following the crowd, without learning about the legal value and risks they may encounter.

Unlike the traditional banking system, once assets in cryptocurrency transactions are stolen, the chance of recovery is almost zero. It can be seen that those who intend to invest in virtual currency will face great risks. Investors will have to bet against the risk of real assets disappearing.

It is known that in recent years, many virtual currency exchanges have collapsed due to cyber attacks, causing many traders to suffer billions of dollars in losses. Most recently, on February 21, the Bybit cryptocurrency exchange suffered a serious cyber attack, and cyber criminals "stole" 1.5 billion USD from the exchange. Or some other typical cases such as the TON cryptocurrency "flew" billions of USD after the CEO of Telegram was arrested in 2024... These are obvious lessons for those who risk investing in currencies that are not legally guaranteed.

In terms of law in Vietnam, virtual currency in general and Pi in particular are not considered assets. Therefore, fraud cases related to virtual currency transactions are difficult to be protected and handled by law. According to the State Bank of Vietnam's regulations, virtual currency is not a means of payment.

Therefore, any individual or organization using virtual currency in general, Pi virtual currency in particular, for payment activities will be punished according to Clause 6, Article 26 of Decree 88/2019/ND-CP, amended at Point d, Clause 15, Article 1 of Decree 143/2021/ND-CP with a fine of VND 50 million to VND 100 million. Even more seriously, violators may also be prosecuted under Article 206 of the Penal Code for the crime of "violating regulations on banking activities and other activities related to banking activities". It can be said that investors will suffer "loss of money and health" when investing in this type of asset because it is not protected.

Source: https://thoibaonganhang.vn/dau-tu-tien-ao-mat-tien-that-161378.html