Pi Network has addressed the fraud allegations made by Bybit CEO Ben Zhou, prompting significant price movement for Pi Coin.
Ben Zhou’s Serious Accusations Against Pi Network
Ben Zhou raised concerns about the credibility of Pi Network, citing a 2023 fraud warning from Chinese police. The police alleged that Pi Network targeted the elderly, collected their data, and caused financial losses. Zhou also stated that there is no collaboration between Pi Network and Bybit, countering rumors about Pi Coin’s potential listing on the platform.
Pi Network Team's Response to the Allegations
The Pi Network team asserted that the fraud warning from Chinese police was misunderstood. They explained it was aimed at fake projects using the Pi Network name to scam individuals, asserting that their project is unrelated to these incidents. Additionally, Pi Network confirmed no ties with Bybit and emphasized their strong community built over six years of development.
Pi Coin Price Rebounds by 20%
Zhou's statements initially caused substantial selling pressure on Pi Coin, dropping its price by 50% to $0.70. However, after the Pi Network team's clarifications, the price rapidly recovered. Currently, Pi Coin’s price has risen to $0.77, reflecting a 14% rebound since the previous drop. The altcoin has exhibited considerable volatility since its mainnet launch, losing 55% of its value from its first trading day.
Pi Network's response not only helped clarify the project's standing but also contributed to a recovery in Pi Coin's market price.
