Key Notes
- Bybit’s top executive, Ben Zhou, has stated again that Pi Network is a fraudulent scheme and confirmed Bybit will not list it.
- The legitimacy of Pi Network is still heavily debated in the cryptocurrency community, despite listings on some exchanges.
- After its mainnet launch, the Pi Network token briefly reached $1.99 today, but its value quickly fell, decreasing by 55% to $0.9123 within hours.
The ongoing dispute between Bybit CEO Ben Zhou and Pi Network, a blockchain project facing criticism for its practices, continues. Zhou has reaffirmed his position, stating that Bybit will not list Pi, and he considers it to be a scam.
Zhou announced on X (formerly Twitter) that Bybit will not support Pi Network due to concerns about potential fraud. He supported his claims by sharing a 2023 report from Chinese authorities, warning the public about the project and describing it as misleading and deceptive.
1. Here is a official police warning of $Pi from Chinese police back in 2023 warning to the public that it’s a scam targeted towards elderly folks https://t.co/LaGJqXSOXR which leaks their personal data and loss of their pension. There are multiple other reports out there… https://t.co/gkEu2wZwfo
— Ben Zhou (@benbybit) February 20, 2025
Chinese Authorities Issue Warning Regarding Pi Network’s Alleged Scams
The referenced article explained how older individuals were enticed into mining Pi with promises of substantial rewards like vehicles and gifts, only to receive nothing. Some victims even attempted to verify their accounts with their personal identification in an effort to withdraw their earnings, but were ultimately unsuccessful. The authorities cautioned the public to avoid Pi Network due to its potential for fraud.
Zhou pointed out that some users lost their retirement funds and private information while interacting with the project. His statement came in response to an anonymous assertion on X suggesting that Bybit’s decision to not list Pi was a result of personal animosity after Pi Network developers allegedly declined Bybit’s request.
Zhou countered this claim, stating that Bybit never solicited Pi Network for a listing and dismissed the accusation as false. He challenged the Pi Network team to address the persistent concerns regarding its legitimacy. Embedded tweet.
Pi Network’s Market Launch: Initial Excitement Fades Quickly
The Pi Network situation has grabbed the attention of the crypto market, especially following its mainnet debut on February 20. Despite Bybit’s continued doubts, other exchanges, such as OKX and Bitget, have made the token available for trading.
Trading of Pi began today, initially peaking at $1.99, marking a surge of about 36%. However, this positive momentum did not last. Within a few hours, the price of PI dropped sharply by 55%, reaching a low of $0.9123.
Although Pi Network is listed on certain exchanges, its user base is still divided about its legitimacy and how transparent its operations are. The controversy surrounding the project has been amplified by Bybit CEO Ben Zhou’s critical statements.
Following Zhou’s remarks, an anonymous user shared their frustration with the Pi Network team after accidentally sending their tokens to an incorrect wallet address. The user claimed that, despite numerous attempts to contact the team for help in retrieving the lost tokens, they received no assistance or direction. This lack of support has heightened concerns about the project’s trustworthiness and its customer service.
I mined that non sense and accumulated 3k coins only to be sent to the wrong address with no help from the team.
— Wicky San 👻 (@TheAnswerUSeek) February 20, 2025
Meanwhile, another user expressed their approval of Zhou’s firm position against Pi Network, highlighting that exchanges have an obligation to carefully assess the projects they choose to list. They praised Bybit for prioritizing due diligence and avoiding the potential risks related to Pi Network.
Disclaimer: Coinspeaker is dedicated to providing fair and open reporting. This article aims to provide accurate and current information but should not be considered financial or investment advice. Given the rapid changes in market conditions, we advise you to independently verify information and consult with a qualified professional before making any decisions based on this content.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.