The Pi Network team has issued a statement refuting fraud accusations made by Bybit CEO Ben Zhou, clarifying that the warning from Chinese authorities was directed at counterfeit projects impersonating their brand.
What Claims Did Ben Zhou Make Against Pi Network?
Zhou expressed serious doubts about Pi Network's legitimacy, referring to a police warning from 2023 that accused the platform of defrauding vulnerable individuals and exploiting their personal information.
How Did Pi Network Respond to the Allegations?
The Pi Network team clarified that the fraud warning was misinterpreted and actually pertained to fake projects impersonating their brand. They assured that their platform has no affiliation with these scams and has not faced any formal accusations from law enforcement.
Key points from the Pi Network’s response include: * The police warning was mischaracterized and aimed at imposters using their name. * There are no official ties between Pi Network and Bybit. * Pi Network has been developing for six years and enjoys a solid community backing.
Market Reaction and Pi Coin Price
Following Zhou’s comments, Pi Coin’s price initially plummeted by 50% but rebounded dramatically after the clarification, presently standing at $0.77, reflecting a 14% recovery. The altcoin, which launched at $1.50, has displayed significant price volatility since its inception.
The situation surrounding Pi Network’s fraud allegations highlights the importance of verifying information sources. Despite temporary fluctuations, Pi Network continues its development and retains the support of its audience.
