The Pi Network has been in the spotlight in recent weeks following claims by Bybit CEO, Ben Zhou, regarding scam allegations. This has generated heated arguments in the crypto market, with Pi Network objecting to his claims and defending its legitimacy and practices.
Zhou expressed his concerns in a viral tweet. Supporters of Pi Network defended it online, while critics backed his claims, prompting debates about trust in emerging crypto projects.
Bybit CEO’s Allegations Against Pi Network
Ben Zhou, CEO of Bybit, noted that Pi Network is a scam and refused to list the token on his exchange. On X, Zhou responded to an accusation from someone he presumed was affiliated with the project. The X user claimed that the project had turned down an offer to be listed by the crypto exchange and that Bybit was “losing its position” in the market.
Zhou emphasized that the Bybit exchange did not ask to list the Pi Coin and challenged the project to clarify any legitimacy issues. He referred to a 2023 police warning in China about the project preying upon elderly investors.
Zhou’s claims involved leaked private data and theft of pension money from victims. He also criticized their response, calling their methods “childish” and reaffirming his opposition to listing what he considers scam projects.
Pi Network’s Response
Pi Network quickly responded to Zhou’s claims, denying any connection to Bybit or its CEO. On X, they explained that the police warning in China was directed towards impersonators rather than against the actual project.
Pi Network asserted its six years of development and 60 million user base to prove its legitimacy. Additionally, Bybit never asked to perform Know Your Business (KYB) verification, countering claims about being denied listing. They also condemned impersonators spreading false information under their name.
Pi Coin Remains Popular
Despite controversy, Pi Network has maintained significant popularity since its launch in 2019. As revealed by Coingecko, Pi is among the top 10 cryptocurrencies by volume traded within 24 hours, with over $1.6 billion.
The token price rose by more than 223% in only six days, surpassing leading cryptocurrencies like Ethereum and Bitcoin. This is a reflection of investor demand and market momentum.
READ MORE: Consensys and SEC Agree to Dismiss MetaMask Lawsuit
