Is Pi a real or fake?

Could you please elaborate on whether Pi, the cryptocurrency, is legitimate or simply a hoax? I've heard conflicting opinions and I'm trying to make an informed decision about whether to invest in it. Is there any evidence to support its authenticity, or are there any red flags that indicate it may be a scam? Additionally, what are the potential risks and rewards associated with investing in Pi, and how does it compare to other established cryptocurrencies in the market?