YEREVAN (CoinChapter.com) — Bybit CEO Ben Zhou called Pi Network a scam and stated his exchange will not list its token. He referred to warnings issued by Chinese police in 2023, labeling Pi Network fraudulent. Authorities said Pi Network targeted elderly people, exposed their personal data, and caused financial losses, including pensions.
Zhou rejected claims that Pi Network had refused a Bybit listing or that Bybit had failed a Know Your Business (KYB) check. He described those claims as false. Zhou also challenged Pi Network to respond to reports questioning its legitimacy instead of making untrue accusations against exchanges.
In his statement, Zhou said:
“If the project is legitimate and straight up, then you should come forth and address these report so everyone can understand, but instead you choose to make up shit and do these childish attack with no ground.”
Bybit CEO Ben Zhou Rejects Pi Network, Cites Chinese Police Warning as Crypto Exchanges React. Source: XBybit Has No Plans to List Token
Zhou emphasized that Bybit would not list fraudulent projects. He repeated his view that Pi Network is a scam. Zhou urged the Pi Network team to be transparent if they had nothing to hide. He confirmed that Bybit would continue to refuse listing Pi Coin.
Zhou’s comments follow months of tensions between Bybit and Pi Network. He has repeatedly questioned the project’s legitimacy and refused any engagement with the team.
Bybit CEO Ben Zhou Dismisses Pi Network, Warns Against Crypto Scams Amid Rising Concerns. Source: XPi Token Drops 60% After Mainnet Launch
Pi Network is a blockchain-based project aimed at simplifying mining through mobile phones. It allows users to mine its token, Pi Coin, through a mobile app without significantly affecting battery life. Stanford graduates Nicolas Kokkalis and Dr. Chengdiao Fan created Pi Network. The project officially launched its mainnet on February 20th after several years of development.
Major exchanges, including Bitget, OKX, and MEXC, quickly supported Pi Coin after the mainnet launch on February 20, 2025. Binance also announced a community vote for a potential listing. Despite these developments, Pi Coin (PI/USDT) experienced a steep decline, losing 60% of its value in a single day.
At the time of writing, Pi Coin was trading at $0.6321 on Tradingview, with a 24-hour volume of 79.81K USDT. The chart shows a sharp price surge followed by a steep crash, indicating high volatility.
Pi Coin Plunges 60% After Mainnet Launch as Volatility Surges. Source: TradingView
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