- Bybit CEO Ben Zhou refuses to list Pi Network due to fraud concerns and past warnings from Chinese authorities.
- Investors report losses and issues with Pi Network including missing funds and lack of customer support.
- Pi Network’s token price surged then dropped sharply raising doubts about its stability and transparency.
Tensions between Bybit CEO Ben Zhou and Pi Network continue to grow. Zhou has once again ruled out listing Pi on Bybit, citing fraud concerns. In a post on X, he referred to a 2023 warning from Chinese authorities that labeled Pi Network as misleading and deceptive.
The report detailed cases where elderly individuals were enticed into mining Pi with promises of extravagant rewards. Many users expected significant returns but they received nothing. Some attempted to withdraw funds using their real identification but were left empty-handed. Authorities ultimately advised people to avoid Pi Network and warned the clients of its scam-like elements.
Victims Report Financial and Data Loss
Zhou also highlighted cases where individuals lost pensions and personal data while engaging with Pi Network. His comments came after an anonymous claim suggested that Bybit refused to list Pi due to personal bias. The claim alleged that Pi Network developers had rejected Bybit’s approach for a listing.
Bybit denied these allegations stating that it never attempted to list Pi. Zhou challenged the project’s team to address concerns regarding its legitimacy. The cryptocurrency community remains divided with skepticism surrounding Pi Network’s operations and transparency.
Market Response and Investor Uncertainty
Pi Network’s mainnet was launched on February 20 and its token was listed on exchanges like OKX and Bitget. Pi had initially surged to $1.99 marking a 36% increase. However, the price quickly dropped by 55%, falling to $0.9123 within hours.
Concerns over the project’s credibility have intensified. Users have reported issues with customer support, including failed attempts to recover lost tokens. Investors also raised concerns about Pi Network’s withdrawal restrictions which makes it difficult for users to access their funds.
Some traders are commending Bybit for avoiding potential risks and others are dissatisfied by the Pi’s lack of accountability. The debate over Pi Network’s legitimacy continues as investors weigh the risks.
