Pi Network Responds to Bybit CEO's Scam Allegations

Pi Network has issued a response to Bybit CEO Ben Zhou’s recent claims, following accusations that the cryptocurrency project is a scam. The controversy began on February 20, when an account claiming to represent the "unofficial technical team" of Pi Network alleged that the project had rejected a listing offer from the exchange and suggested that Bybit was losing its market position.

In a retaliatory response, Zhou accused Pi Network of being a “scam” and referred to a 2023 report from Chinese authorities, which had warned of a project targeting elderly individuals. Zhou stated, “Yes, I still think you are a scam, and no, Bybit will not list scam.” He further clarified that Bybit had never submitted a listing request to Pi Network, challenging the project to address the legitimacy concerns raised by previous reports.

Pi Network Denies Any Relationship with Bybit

In response to Zhou’s allegations, a Pi Network spokesperson denied any association with Bybit, confirming that the exchange had not initiated any official verification process, such as a Know Your Business (KYB) review, which is typically used to confirm the legitimacy of business transactions. Pi Network clarified that it has not received any KYB requests from Bybit, nor does it have any business relationship with the exchange or its CEO.

The spokesperson also distanced the project from the controversial X account that had provoked Zhou’s comments, noting that the account was unaffiliated with Pi Network. According to the company, Zhou’s posts appeared to have been a reaction to the actions of an individual unrelated to the official Pi Network team.

Price Fluctuations Following Zhou’s Comments

Zhou’s public remarks were followed by a sharp decline in Pi Network’s token (PI) price, which plummeted from a high of $1.84 on February 20 to a low of $0.61. However, the token quickly rebounded, reaching a new all-time high of $2.99 by February 26, showcasing the volatility surrounding the project in the wake of the controversy.

Pi Network Addresses Police Warnings and User Count Concerns

Pi Network also addressed the Chinese police warnings referenced by Zhou. The project clarified that the reports were related to fraudulent individuals impersonating Pi Network, and not the company itself. The spokesperson emphasized that Pi Network was not involved in any activities connected to the police warning, and the company had not been contacted by Chinese authorities in relation to the incident. Pi Network condemned any fraudulent activities conducted by bad actors and reiterated its commitment to responsible operations.

In response to criticisms regarding its user base, Pi Network sought to clarify its numbers, which have often been questioned by skeptics. The company confirmed that the 60 million users it frequently mentions are "engaged pioneers" who actively use the application. Additionally, the app has surpassed 100 million downloads on the Google Play Store, far exceeding the number of active users. Pi Network explained that the 10.8 million users shown on blockchain explorers are individuals who have created wallets on the blockchain—this number is lower because users must complete multiple steps, including a Know Your Customer (KYC) verification process, to receive PI tokens on the mainnet.

Conclusion

Pi Network continues to assert its legitimacy despite ongoing criticism and the recent controversy sparked by Bybit’s CEO. The company has maintained that it is not affiliated with the negative actions mentioned in the Chinese police reports and that its user numbers represent a large and growing community. As the project moves forward, Pi Network’s response to these allegations will likely play a key role in shaping its public image and future developments.