Key Notes

Key Notes:

Bybit CEO Ben Zhou has reiterated that Pi Network is a scam and confirmed that Bybit will not support its listing.Despite being listed on some exchanges, Pi Network’s legitimacy remains a major debate in the crypto space.Earlier today, Pi Network’s token surged to $1.99 following its mainnet launch but quickly dropped 55% to $0.9123 within hours.

The tension between Ben Zhou, CEO of Bybit, and Pi Network, a blockchain project mired in controversy due to its modus operandi, continues to escalate. Zhou has once again reiterated his stance against listing Pi on Bybit, calling it a scam.

In a post on X, Zhou confirmed that Bybit will not support Pi Network, citing fraud concerns. To support his claims, he shared a 2023 article from Chinese authorities warning the public against the project, labeling it deceptive and misleading.

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

The shared article detailed how elderly individuals were lured into mining Pi with promises of extravagant rewards, including cars and gifts, only to receive nothing. Some victims even attempted to verify their accounts using their real identification, hoping to withdraw their earnings, but were left empty-handed. The authorities ultimately advised people to avoid Pi Network due to its scam-like elements.

Zhou emphasized that some victims lost their pensions and personal data while engaging with the project. His remarks came in response to an anonymous claim on X that Bybit’s refusal to list Pi stemmed from personal bias after allegedly being rejected by Pi Network developers.

Refuting this claim, Zhou stated that Bybit never approached Pi Network for a listing, dismissing the allegation as “complete nonsense.” He further challenged Pi Network’s team to address the ongoing concerns about its legitimacy. Embedded tweet.

Pi Network’s Market Debut: Hype Turns to Disappointment

The cryptocurrency market has been engulfed in the Pi Network controversy, particularly following the project’s mainnet launch on February 20. While Bybit remains skeptical, other exchanges like OKX and Bitget have listed the token for trading.

Pi officially began trading today, initially soaring to $1.99—an increase of approximately 36%. However, the excitement was short-lived. Within hours, PI price plummeted by 55%, dropping to as low as $0.9123.

Despite Pi Network being listed on some exchanges, its community remains divided over its legitimacy and operational transparency. The controversy surrounding the project has only intensified following Bybit CEO Ben Zhou’s critical remarks.

In response to Zhou’s comments, an anonymous user expressed frustration with the Pi Network team after accidentally sending his tokens to the wrong wallet address. According to the user, despite multiple attempts to contact the team for assistance in recovering the lost assets, they received no support or guidance. This lack of response further fueled concerns about the project’s credibility and customer support.

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 commended Zhou for taking a firm stance against Pi Network, emphasizing that exchanges have a responsibility to carefully vet the projects they list. They praised Bybit for prioritizing due diligence and avoiding potential risks associated with Pi Network.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a 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.

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