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Ben Zhou, CEO of Bybit, has raised concerns regarding the credibility of the Pi Network project. He suggested potential fraudulent aspects of the project and noted that there are no plans for listing the PI token. The token’s significant decline in value throughout the day has created unease among investors.
Clarifications on Pi Coin
Zhou’s statements reflect previous warnings regarding the project. Existing doubts about Pi Network are reinforced by official alerts and various reports. These authoritative comments have led to increased criticism of the Pi Network.
Bybit CEO Ben Zhou: “Today, when asked about listing Pi, I said, ‘Stop the nonsense.’ I frequently dealt with those wanting their money back during my Forex trading days. I don’t want to handle similar scenarios in the crypto space.”
While Pi Network initially attracted interest, the value of the PI token has plummeted by over 55% in recent hours. This situation has raised concerns among investors about the project’s long-term viability, although increased trading volume has led some analysts to maintain hope. Market data indicates sharp declines in the token’s price.
Listing Expectations
According to official statements from Bybit, the platform does not plan to list the PI token. Claims of impending listing circulating on social media are viewed as unsubstantiated speculation. Previous warnings from Chinese authorities have also heightened doubts about the project’s legitimacy.
Current market data shows the PI token trending downward. Some analysts suggest that support from major exchanges could positively affect its price performance. However, this possibility is overshadowed by uncertainties arising from leveraged movements. Given the unsustainable over $100 billion FDV, the absence of details about the token’s economy, and risks of shock selling, caution among investors is advisable. Furthermore, the widespread expectation of a decline may trigger excessive short selling, posing a risk of harming investors through speculative maneuvers.
Market developments and official statements indicate ongoing discussions surrounding the Pi Network. A crucial point for investors is the tendency for digital assets to fluctuate. Thus, closely monitoring the market and paying attention to official announcements may be beneficial.
