In the very first version, yes. But shortly after new chapters changes the story. He was now hung by some bandits, but he’s a living wooden doll, he doesn’t exactly need to breathe. So he just hangs around for awhile, then escapes. In the end he finds Geppeto after a long journey, Pinocchio finally learns to stop being such an ungrateful little prick, and they live happily as father and son.