Bybit CEO Ben Zhou Slams Pi Network, Labels It a Scam

Highlights:

• Bybit CEO Ben Zhou calls Pi Network a scam, urging clarity on its legitimacy.
• Chinese authorities previously warned of Pi scams, highlighting elderly exploitation and data misuse.
• Pi token crashes 41% after record airdrop, sparking community doubts and debate.

Pi Network is facing intensified scrutiny, particularly from Bybit CEO Ben Zhou and Chinese regulators. Zhou has openly criticized the network, branding it as a scam. In a post on X, Zhou confirmed that Bybit will not support Pi Network. To substantiate his claims, he shared an article from Chinese authorities that cautioned the public about the project.

Zhou made this statement in response to an anonymous claim on X that Bybit refused to list Pi due to personal bias. The claim alleged that Pi Network developers had supposedly rejected Bybit’s request, leading to this decision. Denying this claim, Zhou asserted that Bybit never contacted Pi Network for a listing and dismissed the accusation as “completely non sense.” He also urged Pi Network’s team to respond to the ongoing doubts about its legitimacy.

1. Here is a official police warning of $Pi from Chinese police back in 2023 warning to the public that it’s a scam targeted towards elderly folks https://t.co/LaGJqXSOXR which leaks their personal data and loss of their pension. There are multiple other reports out there… https://t.co/gkEu2wZwfo

— Ben Zhou (@benbybit) February 20, 2025

Chinese Authorities Caution Against Pi Network’s Deceptive Practices

Previously, the Hengyang Public Security Bureau in China warned people to stay away from Pi Network because of its fraudulent characteristics. The shared article explained how elderly people were tricked into mining Pi with promises of big rewards, like cars and gifts, but in the end, they got nothing. Some victims even tried to verify their accounts with their real identification in the hope of withdrawing their earnings, but they received nothing.

Previously, the agency stated:

“Many criminals use Pi 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.” 

Pi Network, a highly anticipated blockchain project, finally launched its mainnet on Feb. 20. With $12.6 billion worth of tokens distributed, it quickly became the most valuable airdrop in cryptocurrency history. Although Bybit remains doubtful, exchanges such as OKX and Bitget have moved forward by listing the token for trading. 

Pi Network’s Record Airdrop Turns Volatile with 41% Price Crash

Pi officially debuted in the trading market with an initial surge to $1.99, marking a notable 36% increase. However, the enthusiasm did not last long. Just within a few hours, the PI price took a sharp downturn. At the time of writing, Pi token was trading at $0.6668, reflecting a 41.78% drop. Surprisingly, despite the decline, its market cap remains at $4.21 billion, with a 24-hour trading volume of $879.1 million.

Pi Holders Face Withdrawal Issues

Social media users have reported Pi coin withdrawal issues across several exchanges. This has prompted some investors to exit, pushing the token’s price below $1 and increasing selling pressure. One trader claimed their 1,500 Pi tokens got stuck on Bitget with no withdrawal option. Others reported that OKX withdrawals have been halted for over 24 hours.