HTX Delists PI IOU and Converts Holdings to USDT Ahead of Pi Network Mainnet

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HTX Pulls the Rug on PI Tokens: USDT to the Rescue! 😂💸

In a move that could only be described as a dramatic twist in the tale of digital currency, HTX has decided to bid adieu to the PI token, casting it into the abyss of forgotten IOUs. As the Pi Network readies itself for its grand mainnet debut, HTX has taken it upon itself to convert the beleaguered users’ PI holdings into the ever-reliable USDT. Trading for the PI/USDT pair was halted at the ungodly hour of 08:00 UTC on February 13, 2025, with a conversion rate that reads like a bad joke: 1 PI = 61.28 USDT, based on the last trading price. Who knew math could be so cruel?

Once upon a time, the PI token was merely an IOU, a placeholder in the grand scheme of things, much like a seat filler at a Hollywood awards show. But as the mainnet looms closer, HTX has deemed this placeholder as useful as a chocolate teapot and has opted to swap users’ PI holdings for USDT. Fear not, dear traders, for the converted funds will find their way into users’ Spot accounts, ensuring that the transition is as smooth as a well-oiled machine—or at least smoother than a politician’s promise.

In a flurry of digital activity, all open orders for the PI/USDT trading pair were automatically canceled, leaving traders with nothing but their hopes and dreams. HTX has assured its users that once the real PI token makes its entrance, it will be welcomed back with open arms and a trading platform ready to roll. The exchange proclaimed:

“HTX will convert affected users’ PI holdings into USDT at a ratio of 1:61.28 based on the halt price of PI. Once the conversion is complete, an additional announcement will be issued. Additionally, once the mainnet launches successfully, HTX will quickly list the new token PI and open spot trading services.”

Pi Network Gears Up for Mainnet Launch on February 20

In a flurry of excitement, Pi Network announced on February 11 that it will transition from its Enclosed Network phase to the Open Network period of the mainnet on February 20, 2025, at 08:00 UTC. The platform has boasted that mainnet migrations have exceeded 10.14 million, surpassing the initial target of 10 million. It seems the folks at Pi Network have been busy, perhaps too busy to answer the burning question: when will this blockchain actually go live?

Since its inception in 2019, Pi Network has faced its fair share of skepticism, with critics and media sources questioning its very existence. Recently, Bybit CEO Ben Zhou dismissed the idea of joining PI, calling it as ridiculous as a cat trying to swim. For years, the team has remained as silent as a mime in a library about when its blockchain would finally see the light of day, leaving many to wonder if it was all just a mirage.

Exchanges Announce PI Spot Trading as Speculation Grows

Yet, in a twist that could only be described as ironic, some exchanges, including OKX and Bitget, have announced they will list PI for spot trading. Perhaps they believe in miracles, or maybe they just enjoy a good gamble. The listing on these top exchanges could very well boost traders’ confidence in the token, assuming they haven’t lost their minds in the process.

As for the PI IOU price, it has seen a slight uptick of more than 2% in the last 24 hours, currently trading at $61.29. However, the trading volume has taken a nosedive, declining by over 26% in the same period. It seems the market is as fickle as a cat on a hot tin roof. 🐱🔥

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2025-02-13 19:29