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- In a post on X, Bybit CEO Ben Zhou referenced a 2023 warning from Chinese law enforcement labeling Pi Network a scam.
- MEXC Exchange, OKX, Bitget, HTX, and Gate.io have already listed the token, while Binance launched a community vote on February 17 to decide whether to follow suit.
Bybit CEO Ben Zhou has openly denounced Pi Network, labeling it a scam and firmly rejecting any possibility of listing its token on the exchange. His remarks follow growing controversy over Pi Network’s legitimacy, particularly in China, where authorities have raised concerns about its operations.
Zhou expressed his skepticism regarding the Pi Network in a post on X. He referenced a 2023 report from the Hengyang police department, which described Pi Network as a scam targeting elderly individuals, leaking their personal data, and leading to financial losses. “Chinese police issued a warning in 2023, calling $Pi a scam that targets the elderly, leaks personal data, and causes financial loss. Many reports question its legitimacy.”
Zhou dismissed claims that Bybit had made a listing request for Pi Coin, calling such statements “nonsense.” He also challenged Pi Network to address the allegations against it transparently rather than resorting to “childish attacks.” Zhou then concluded his post by reinforcing his belief that Pi Network is a scam and making it clear that Bybit will never list it.“Yes, I still think you’re a scam. No, Bybit will not list scams.”
Pi Network’s Controversial Model and Delays
Founded in 2019 by a group of Stanford graduates, Pi Network was designed to simplify cryptocurrency mining through mobile apps. Despite amassing a user base exceeding 60 million, skepticism surrounding its legitimacy remains. The platform operates on a referral-based model, where participants earn rewards by inviting new users, a structure that closely mirrors multi-level marketing (MLM) and has led to accusations of it functioning as a pyramid scheme.
Previously, Pi Network repeatedly assured users of an official launch, but the delays caused frustration and deepened doubts about its credibility. Furthermore, its listing on OKX has drawn attention to its KYC verification process, with numerous users claiming their applications have been stuck in limbo. These issues have raised concerns about the platform’s transparency and handling of user data.
While Bybit has taken a strong stance against Pi Network, several other exchanges have moved forward with listing Pi Coin. As mentioned in our previous article, MEXC Exchange, OKX, Bitget, HTX, and Gate.io have already listed Pi following its recent launch. Binance, on the other hand, has taken a more cautious approach, launching a community vote on whether to list Pi Coin. The voting process began on February 17 and will conclude on February 27.
At launch, Pi Coin traded at $2.10 but has since dropped by 62% to $0.6407. Despite the sharp decline, its market capitalization remains at $4.11 billion, while trading volume has surged by 3,818%, reaching $1.35 billion.
