The Pi Network team has responded to a controversy sparked by Bybit CEO Ben Zhou, who accused the project of being a scam. The dispute began when an unofficial Pi Network-affiliated X account claimed that the platform had rejected a listing offer from Bybit, suggesting the exchange was losing its market relevance.
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
Bybit CEO Challenges Pi Network’s Legitimacy
Ben Zhou swiftly refuted the claim, asserting that Bybit had never sought to list Pi Network and doubling down on his skepticism regarding the project’s legitimacy. Zhou cited a 2023 warning from Chinese authorities about scams targeting elderly investors, suggesting that Pi Network could be linked to such activities. “Yes, I still think you are a scam, and no, Bybit will not list a scam,” Zhou posted.
Pi Network Denies Bybit Listing Request
In response, a Pi Network spokesperson clarified that Bybit never submitted a Know Your Business (KYB) verification request, a crucial step for exchanges seeking to list a project. The spokesperson also emphasized that Pi Network has no official ties to the X account that provoked Zhou. “Mr. Zhou’s posts regarding Pi Network appear to have been in response to posts made by an individual unaffiliated with Pi Network,” they told Cointelegraph.
Market Impact and Pi Network’s Response
Zhou’s allegations had an immediate effect on Pi Network’s price, initially causing it to plummet from $1.84 to $0.61 on Feb. 20. However, the token rebounded strongly, reaching an all-time high of $2.99 by Feb. 26, demonstrating continued investor interest despite the controversy.
Additionally, Pi Network addressed concerns regarding past warnings from Chinese authorities. The company stated unequivocally that it was not involved in any fraudulent activities and had no connection to the police warnings referenced by Zhou. “Pi Network is not affiliated with, did not authorize, and did not engage in any activity related to the police warning,” the company asserted.
Pi Network also clarified discrepancies in its user count. The company reaffirmed that its platform has over 60 million engaged users and more than 100 million downloads on the Google Play Store. It further explained that the 10.8 million users visible on blockchain explorers represent only those who have completed Know Your Customer (KYC) verification and set up wallets on the mainnet.
Also Read: Pi Coin Listing on Binance? 86% Vote ‘Yes’—Will Pi Network Finally Make It?
As the debate rages on, Pi Network continues to push back against skepticism while maintaining its vision of decentralized innovation.
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I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
