OKX Faces Scrutiny Over Mysterious Pi Network Wallet Activity

The Pi Network community is raising alarms over a mysterious wallet labeled 'ODM' holding 276.5 million Pi coins, with weekly withdrawals of 7.38 million Pi from OKX exchange continuing unchecked. Despite the lack of transparency from the Pi Core Team, Pi Coin demonstrates surprising utility, even outperforming competitors like Zypto App. This report delves into the unexplained movements and the growing demand for accountability.

Pi Network Under Scrutiny as Mysterious Wallet Holds 276M Coins

The Pi Network community is demanding transparency after discovering a single wallet labeled 'ODM' holding 276.5 million Pi coins. Weekly withdrawals totaling 7.38 million Pi from OKX exchange have continued unabated, while the Pi CORE Team remains silent.

A separate 50 million Pi transfer between foundation wallets occurred without explanation. Despite these concerns, Pi Coin maintains surprising utility—topping Zypto App's poll as the preferred digital currency for VISA card top-ups.

Dr. Altcoin, a prominent community voice, notes three months of unexplained activity from the ODM wallet. The lack of disclosure contradicts Web3's ethos of transparency, fueling speculation about the foundation's intentions during PI Network's ongoing transition to open mainnet.

Ethereum's Layer-1 Scaling Plan Could Propel ETH to $3,000, Says OKX Executive

Ethereum co-founder Vitalik Buterin's proposal to scale Layer-1 by 10x has sparked Optimism among traders, with OKX's Chief Commercial Officer Lennex Lai predicting a potential surge to $3,000 for ETH. The shift away from heavy reliance on Layer-2 solutions like sharding could redefine Ethereum's scalability narrative.

ETH perpetual futures accounted for 44.2% of trading volume on OKX over the past week, indicating strong institutional interest. Macro events, including the ECB's rate decision and U.S. jobs data, may further influence risk appetite in the crypto markets.