Bybit CEO Calls Pi Network a Scam as Token Drops 60% After Mainnet Launch

More from the Author Dennis Gatheca

Bybit CEO Ben Zhou has labeled Pi Network a scam, citing Chinese police warnings and rejecting claims about a failed listing attempt, while urging the project to address transparency concerns.

Following its mainnet launch, Pi Coin plummeted 60% despite initial exchange support, raising doubts about its legitimacy and future stability.

The controversy surrounding Pi Network has intensified as Bybit CEO Ben Zhou strongly criticized the project, calling it a scam and reinforcing his exchange’s decision not to list its token. With Pi Coin plummeting by 60% following its mainnet launch, the debate over its legitimacy has only grown louder.

Bybit CEO Slams Pi Network

In a recent post on X, Ben Zhou made it clear that Bybit has no plans to support Pi Coin. He referenced a 2023 warning issued by Chinese police, which labeled Pi Network a scam. The authorities highlighted concerns over how the project allegedly targeted elderly individuals, compromising their personal data and leading to financial losses, including pension fraud.

Zhou also refuted claims that Pi Network had rejected a listing offer from Bybit or that the exchange failed a Know Your Business (KYB) check. He dismissed these accusations as completely false and urged the project team to address the numerous reports questioning its legitimacy instead of engaging in baseless attacks.

“If the project is legitimate and straight up, then you should come forth and address these reports so everyone can understand,” Zhou stated, calling on Pi Network to provide transparency rather than resort to defensive tactics.

Pi Coin Crashes 60% Post-Mainnet Launch

Pi Network was created with the goal of making cryptocurrency mining accessible via mobile phones, eliminating the need for high-powered computing resources like Bitcoin mining does. Founded by Stanford graduates Nicolas Kokkalis and Dr. Chengdiao Fan, the project officially launched its mainnet on February 20th after years of development.

Despite initial support from exchanges like Bitget, OKX, and MEXC, Pi Coin’s price took a dramatic hit, plunging 60% in a single day. Even Binance, which announced a community vote for listing the token, could not prevent the steep decline. At the time of reporting, Pi Coin was trading at just $0.67, raising further concerns about its stability and credibility.

The Road Ahead for Pi Network

With Pi Network facing increasing scrutiny, its future remains uncertain. The sharp decline in token value, coupled with strong accusations from industry leaders like Zhou, puts the project in a precarious position. The question now is whether Pi Network can provide the transparency necessary to regain investor confidence or if it will continue to spiral into controversy.

For now, investors and crypto enthusiasts are watching closely, waiting to see if Pi Network can clear its name—or if the skepticism surrounding it is justified.

The post Bybit CEO Calls Pi Network a Scam as Token Drops 60% After Mainnet Launch appeared first on Crypto News Focus.