Pi Network has officially addressed allegations of fraud made by Bybit CEO Ben Zhou. This response comes amidst the recent launch of their Open Network and the listing of Pi Coin on major cryptocurrency exchanges.
What Started the Controversy?
Ben Zhou, leader of the cryptocurrency exchange Bybit, raised concerns about Pi Network's legitimacy on social media. This occurred following a significant security breach at Bybit itself. Zhou referenced a Chinese police warning about Pi Network, claiming it to be a scam.
Pi Network's Official Response
Pi Network clarified that the police report mentioned was regarding scammers impersonating Pi Network. The project itself has never been contacted by Chinese authorities. In their response, Pi Network highlighted that they have no ties to Bybit, and Bybit did not request them to complete a Know Your Business (KYB) process.
New Safety Guidelines Released
Pi Network released new safety guidelines to assist users in staying protected from fraud. These guidelines include a list of official communication channels, warnings about unofficial platforms, and confirmation that the project has sought legal advice on dealing with scammers.
With the recent launch of the Open Network, this controversy holds significant relevance for Pi Network. Despite ongoing questions, their professional response to these allegations and recent exchange listings indicate positive momentum and an ability to address challenges.
