The Pi Network project officially responded to statements made by Bybit's CEO Ben Zhou regarding legitimacy, emphasizing its achievements and efforts against fraud.
Origin of the Controversy
Ben Zhou, CEO of the cryptocurrency exchange Bybit, recently expressed concerns about Pi Network via social media. His statements coincided with a challenging time for Bybit, which suffered a significant data breach on February 21. Zhou pointed to a Chinese police warning about Pi Network, calling it a scam.
Pi Network's Official Response
Pi Network quickly clarified that the police report Zhou mentioned concerned impostors attempting to masquerade as Pi Network. The project stated they have never been contacted by Chinese authorities about any issues and strongly opposes any fraudulent attempts involving their name. In its response, Pi Network stressed the lack of connections with Zhou or Bybit. The project noted that, unlike exchanges like OKX and Bitget, Bybit did not request their 'Know Your Business' (KYB) process. Pi Network also indicated that the remarks about Bybit did not come from anyone affiliated with the project and do not support negative comments about Bybit or Zhou.
Future Steps and Analysis
Recently, Pi Network also released a post with new safety guidelines to protect its users from scams. The post includes official communication channels, warnings about unofficial platforms, and legal recommendations for dealing with fraud. Despite the controversy, Pi Network continues advancing by launching its Open Network and achieving listings on major crypto exchanges. Analysts note the project's professional approach, which could gradually build trust.
Despite arising challenges, Pi Network's responses to allegations emphasize their commitment to transparency and user protection. The project's future actions and its global market progress will be crucial for its outlook.
