Bybit CEO Ben Zhou has doubled down on his opposition to Pi Network, calling it a scam and reinforcing his exchange’s refusal to list the token.
The controversy surrounding Pi has intensified following its long-awaited mainnet launch, which saw a record-breaking $12.6 billion in airdropped tokens but also a sharp decline in price.
Concerns over Pi Network’s legitimacy resurfaced when Zhou shared a 2023 warning from Chinese law enforcement, describing the project as a pyramid scheme.
The authorities claimed that criminals exploited Pi to deceive users, particularly the elderly, with false promises of wealth.
In the warning, it states,
“Many criminals use "π Coin" to claim that they can mine for free by simply downloading an APP on their mobile phones. They also give lectures to the elderly, expand the victim group by claiming that they can "recommend rebates" by developing downlines, resell user personal information, and defraud the elderly of their pensions.”
The strong wording from authorities highlights the deep skepticism surrounding Pi Network, which has struggled with trust issues despite its growing community.
Zhou’s renewed criticism of Pi came after Pi enthusiasts mocked him online, accusing him of being biased against the project.
He dismissed these claims and reiterated that Bybit had no intention of listing Pi Network, stating his firm belief that it is fraudulent.
An anonymous claim suggested that Bybit’s refusal stemmed from being rejected by Pi developers.
Zhou swiftly refuted this, calling it “complete nonsense” and clarifying that Bybit never sought a listing.
Bybit’s firm stance aligns with concerns that listing Pi Network could have wider implications, particularly in China.
Authorities there have long maintained a cautious stance on crypto, and a major scandal involving Pi could potentially set back any progress in regulatory openness.
Bybit is not the only exchange caught in the Pi Network debate.
When OKX hinted at listing the token, some users warned that it could provoke backlash from Chinese regulators.
Binance also found itself at the centre of the controversy when it launched a community vote on whether to list Pi.
While the majority voted in favour, the decision remains contentious.
Critics argue that listing Pi could expose users to potential risks, given the allegations of fraudulent activity.
Despite its historic airdrop, Pi’s market debut was marked by turbulence.
The token initially surged to $1.99, reflecting a 36% increase, but quickly plummeted by 55% to $0.9123 within hours.
The rapid decline fueled concerns over the project’s stability and long-term viability.
Amid the price drop, frustrated users reported issues with Pi Network’s support team.
One user claimed they accidentally sent their tokens to the wrong wallet address and received no assistance despite multiple attempts to contact the team.
This lack of response has only added to the doubts surrounding Pi’s operational transparency.
The divide over Pi Network continues to widen.
While some investors remain hopeful, others share Zhou’s concerns over potential fraud.
One supporter praised Bybit’s refusal to list Pi, arguing that exchanges must conduct thorough due diligence before approving tokens.
For now, Pi Network remains a highly polarising project.
Despite its record-breaking airdrop, questions over its legitimacy persist, and major exchanges like Bybit are unwilling to take the risk.
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