Pi Network became the center of attention after Bybit CEO Ben Zhou accused the project of being a scam. This occurred shortly after the successful mainnet launch and the more than 50% drop in PI Coin's value. The project responded to the allegations with a public statement.
Bybit CEO’s Allegations
Bybit CEO Ben Zhou publicly called Pi Network a scam on February 20. His viral tweet confirmed that Bybit would not list PI Coin. Zhou backed his claims by citing warnings from China's Hengyang Public Security Bureau in 2023 about two major risks: personal data leaks and financial risks for elderly investors.
Pi Network Responds – ‘We Are Legitimate’
In the midst of growing controversy, Pi Network released a public statement denying all allegations. The team emphasized that they have no ties with Bybit or its CEO and have never engaged in Bybit's KYB checks. They also claimed that the local police warning was about scammers, not the project itself. Pi Network condemned impersonators and reminded that the project had been in development for over six years, with a community of more than 60 million users.
What’s Next for Pi Network?
Despite ongoing criticism, Pi Network continues to pursue its roadmap and expand its ecosystem. However, the price volatility following the mainnet launch suggests potential further sell-offs of PI Coin by pioneers. Pi Network has firmly responded to allegations, and their response may help regain investor trust.
Pi Network has firmly responded to fraud accusations, emphasizing its legitimacy and commitment to project development. While skepticism persists, future developments will show whether investor trust is restored.
