Bybit CEO Ben Zhou reaffirmed his stance against listing Pi Network, citing fraud concerns backed by Chinese authorities.
The fight between Pi Network, a controversial blockchain project, and Ben Zhou, CEO of Bybit, has gotten worse. Zhou has said again that he will not list Pi on Bybit because he thinks it is a scam.
In a post on X, Zhou stated that Bybit would not support Pi Network because they were worried about fraud. To back up what he was saying, he used a story from 2023 from Chinese authorities that said Pi was fake and misleading.
The Chinese Government Issues Warning About Pi Network
The story talked about how old people were tricked into mining Pi by promises of big rewards like cars and gifts, but they never got them.
Some people even used their real IDs to verify their accounts because they wanted to cash out their gains, but they were not successful. In the end, the government told people to stay away from Pi Network because it looked like a scam.
Zhou said that people who worked on the project lost their incomes and personal information. His statement was in reaction to a post on X by an anonymous person saying that Bybit’s decision not to list Pi was because of personal bias because it was said that Pi’s developers had turned it down.
Refuting this claim, Zhou stated that Bybit never approached Pi Network for a listing, dismissing the allegation as “complete nonsense.” He further challenged Pi Network’s team to address the ongoing concerns about its legitimacy. Embedded tweet.
Pi Network’s First Day on the Market: Fans Are Let Down
The Pi Network has caused a lot of trouble in the bitcoin market, especially since its mainnet launched on February 20. Other exchanges, like OKX and Bitget, have added the token, but Bybit is still not sure.
Pi began trading today and immediately went up to $1.99, a 36% rise. The surge didn’t last long, though, as the price of PI dropped by 55% in just a few hours and hit a low of $0.9123.
Even though Pi Network is listed on a number of exchanges, its community is still split over whether it is real and how it works. After Bybit CEO Ben Zhou said some negative things about the project, the controversy regarding it got worse.
In response to Zhou’s words, an unknown user said they were angry with Pi Network because they sent tokens to the wrong wallet by accident. The user said that they tried several times to get help from the Pi team but never got it. This made people even less sure about the project’s trustworthiness and customer service.
