On the 19th of Feb, they opened a pre-market for the $Pi coin, this makes it possible for people to pre-buy the coin as investors. PI was to launch on the 20th so definitely the shit coin has no liquidity.

A lot of persons purchased the coin in the pre-market, but the problem is that, the pre-market purchase was not real, it was just buy and sell without the actual coin.

Normally, if am buying a coin in pre-sale or pre-market, the coin am buying is actually reserved, but in this case there was actually no coin, people just created sell ORDERS without actually having the coin.

Here is the main fraud. The coin was launched on the 20th Feb, and Mexc said those who purchased the coin would get their coin on the 21st Feb. For such a coin without initial liquidity, its obvious that those that bought at the pre-market actually funded the liquidity of this shit coin making millions of people rich leaving investors burn their investment.




This is actually what happened.

Before the Pre-market was announced, Mexc has created thousands of sell orders by themselves, and people were buying this coin thinking it would drop in their wallet immediately after purchase but all of the orders were just fake.

Then when the shit coin launched, MEX did not still open deposit for those who originally had the $Pi token, meaning, the next few hours they were just filling the orders internally. It took much later before deposits were opened.


Another shocker is this. The Pre-market bought cannot be cancelled, i have never seen such. If i purchase something and its pending delivery just like spot trading, i can cancel, but these guys held on to the funds and you couldn't cancel and there is no coin.


The most painful of the whole story.

MEXC later sent the coin when investors have lost more than 64% because i was certain that the shit coin would dump as people were just mining a free coin to make thousands overnight.


Its so sad that exchanges like this operate, my first complain on their telegram group didn't deliver, the bot banned me. I will tell the whole world that MEXC exchange is a scam exchange!


See for yourself what people are saying
https://www.trustpilot.com/review/www.mexc.com