In a recent twist in the crypto world, Bybit’s CEO, Ben Zhou, has come out swinging against Pi coin (Network), branding it a scam. Zhou didn’t mince words, pointing to a 2023 Chinese police report that flagged Pi Network as a “scam that preys on the elderly.” This report highlighted how fraudsters used Pi Network’s name to lure victims with promises of quick riches, only to swindle them out of their savings.
Setting the Record Straight
The drama didn’t stop there. An unofficial Pi Network tech team account claimed that Pi had snubbed Bybit’s listing request. Zhou fired back, stating,
“Bybit had made no listing request to PI, and the claim that PI refused Bybit listing or Bybit did not pass some sort of KYB of PI is complete nonsense.”
He made it clear that Bybit has zero plans to list Pi Coin anytime soon.
Pi Network’s Mainnet Launch Amid Controversy
Despite the storm of allegations, Pi Network pushed ahead with its mainnet launch on February 20, 2025. The launch included a massive airdrop, with tokens valued at around $12.6 billion. However, the token’s journey has been a rollercoaster. It started trading at $1.99 but took a nosedive, dropping over 50% to $0.65 within 24 hours.
Mixed Reactions from Crypto Exchanges
The crypto community is divided. While platforms like OKX and Bitget have embraced Pi Coin, others are more cautious. Binance, for instance, is testing the waters by holding a community vote on whether to list Pi Coin. This split decision among exchanges underscores the ongoing debate about Pi Network’s legitimacy.
Pi Network’s Vision and the Skepticism Surrounding It
Founded in 2019 by a group of Stanford grads, Pi Network aims to make crypto mining accessible through a mobile app. They’ve attracted over 60 million users, or “Pioneers,” as they call them. The co-founders, Dr. Nicolas Kokkalis and Chengdiao Fan, have emphasized their commitment to fair token distribution and real-world applications. They’ve implemented security measures like identity verification and security circles to keep the network safe.
But not everyone is convinced. Critics argue that Pi Network’s referral-based model feels a lot like multi-level marketing, raising red flags about its credibility. The Chinese police report from 2023 adds fuel to this fire, warning that scams using Pi’s name have been targeting vulnerable populations, especially the elderly.
The Road Ahead for Pi Network
As it stands, Pi Network is at a crossroads. The recent mainnet launch and token airdrop have put them in the spotlight, but questions about their legitimacy persist. The crypto community is watching closely to see how Pi Network addresses these concerns and whether they’ll be able to build trust in an industry that’s already on high alert for scams.
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FAQs
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What is Pi Network?
- Pi Network is a cryptocurrency project that lets users mine Pi coins through a mobile app.
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Why did Bybit’s CEO call Pi Network a scam?
- Ben Zhou cited a 2023 Chinese police report that labeled Pi Network as a scam targeting the elderly.
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Did Bybit try to list Pi Coin?
- No, according to Ben Zhou, Bybit never made a listing request for Pi Coin.
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How did Pi Coin perform after its mainnet launch?
- It started at $1.99 but dropped over 50% to $0.65 within 24 hours.
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Are all crypto exchanges listing Pi Coin?
- No, while some like OKX and Bitget have listed it, others are more cautious.
Glossary
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Airdrop: A distribution of a cryptocurrency token or coin, usually for free, to a large number of wallet addresses.
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Mainnet: The main network where actual transactions take place on a blockchain.
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Multi-Level Marketing (MLM): A strategy where salespersons earn income from their own sales and the sales of their recruits.
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Referral-Based Model: A system where existing users recruit new users, often earning rewards for each new sign-up.
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Security Circles: A feature in Pi Network aimed at building trust by having users verify each other.
