Amid the otherwise successful launch of Pi Network mainnet on Friday, a dampening news has come for Pioneers in the form of Bybit CEO Ben Zhou, who called the project a scam.
On Thursday morning, Pi coin was listed officially on several exchanges like OKX, Gate.io, Bitget, and more, marking a significant moment in the history of the Pi Network project that has long seen several delays and rescheduling for its mainnet.
While fans of the Pi Network celebrated the successful listing of the Pi coin on several exchanges, the exuberance was short-lived as Bybit CEO Ben took the project and its cryptocurrency to the cleaners.
In a tweet on X (formerly Twitter), Zhou shared a police warning from the Chinese authorities issued in 2023, warning the public about Pi coin’s fraudulent nature.
According to Ben, the police advisory highlighted that the network allegedly targeted elderly individuals, causing them to leak personal data and potentially lose their pensions. Zhou also referenced multiple reports questioning the legitimacy of the Pi Network, citing its potential risks.
“Bybit had made no listing request to $PI, and the claim that $PI was refused by Bybit or failed its KYB is completely nonsense,” Zhou wrote. He further challenged the Pi Network to address these concerns transparently, instead of making what he called “childish attacks.”
He concluded his post by reiterating that he believes Pi to be a scam and confirmed Bybit’s refusal to list it.
Despite the controversy surrounding Pi Network, the Pi coin has gained traction on various platforms. As of now CoinMarketCap, it is trading at approximately $0.63 per token, though its value remains highly volatile in the face of market uncertainty.
Analysts have expressed mixed views, with some investors wary of the project’s unclear history and others hopeful for its potential growth in a competitive space.
The strong accusations from Zhou add fuel to the ongoing debate about Pi Network’s legitimacy. While the official launch and listings by sevral exchanges may provide some validation, skepticism remains high in parts of the crypto community, especially with the warnings issued by authorities and prominent figures like Zhou. As Pi Network moves forward, the project must address these concerns head-on to gain the trust of the broader crypto community.