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Following Bybit CEO Ben Zhou’s characterization of Pi Network as “a major fraud,” the Pi team issued a statement. Zhou referenced a warning released by Chinese police in 2023, accusing Pi Network of fraudulent activities. However, the Pi team clarified that these allegations have been misunderstood, resulting in a 20% surge in the price of Pi Coin, which reached $0.77.
Ben Zhou’s Serious Accusations Against Pi Network
Ben Zhou raised concerns about the credibility of Pi Network, citing a 2023 fraud warning from Chinese police. The police had claimed that Pi Network targeted the elderly, collected their data, and caused financial losses.
Zhou also stated that there is no collaboration between Pi Network and Bybit, countering rumors about Pi Coin’s potential listing on the platform. He denied that Bybit intended to list Pi Coin or that Pi Network had refused listing requests.
Pi Network Team: Fraud Claims Are Groundless
The Pi Network team asserted that the fraud warning from local police in China was misunderstood. They explained that the warning was aimed at fake projects using the Pi Network name to scam individuals, asserting that their project has no connection to these incidents and has not received any accusations from the police.
Additionally, Pi Network confirmed that there are no ties with Bybit. They stated their platform has not been evaluated by Zhou or Bybit and that no official requests have been made to them. They emphasized that Pi Network has been in development for six years and boasts a strong community.
Pi Coin Price Rebounds by 20%
Zhou’s statements initially created significant selling pressure on Pi Coin. Following his remarks, the price of Pi Coin dropped by 50%, hitting $0.70. However, after the Pi Network team’s clarifications, the price rapidly recovered.
Currently, Pi Coin’s price has risen to $0.77, reflecting a 14% rebound since the previous drop. The altcoin has exhibited considerable volatility since its mainnet launch, and it continues to do so. On its first trading day, Pi Coin started at $1.50 but has since lost 55% of its value.
