Pi Network has responded to accusations of being a scam following a recent post from Bybit CEO Ben Zhou, who questioned the legitimacy of the project.
On February 20, an X account claiming to be Pi Network’s “unofficial technical team” suggested that the project had turned down a listing offer from Bybit and that the exchange was “losing ground” in the market.
In reaction, Zhou labeled Pi Network a “scam,” referencing a 2023 warning from Chinese authorities regarding a project targeting elderly users. “Yes, I still believe you are a scam, and no, Bybit will not list scams,” Zhou remarked. He also stated that Bybit had never requested to list Pi Network and challenged the project to address earlier reports casting doubt on its operations.
Pi Network Responds to Zhou’s Allegations In a response, a Pi Network representative denied any connection to Bybit, confirming that the exchange had never requested Know Your Business (KYB) verification. This process is used to vet external businesses involved in ecosystem transactions. The representative also affirmed that there was no relationship between Pi Network and Bybit or its CEO.
The spokesperson clarified that the X account involved in the dispute was not associated with Pi Network. “Mr. Zhou’s statements seem to be in response to posts from an individual with no ties to Pi Network,” the spokesperson stated.
Zhou’s comments led to a significant drop in Pi Network’s (PI) price, which plummeted from $1.84 to $0.61 on February 20. However, the token rebounded in the following days, reaching a new all-time high of $2.99 by February 26.
Pi Network Addresses Concerns Over Police Warnings and User Numbers Pi Network also addressed Zhou’s reference to police warnings in China, explaining that the reports involved fraudulent actors impersonating the network rather than any actions taken by the company itself. “To avoid any confusion, Pi Network is not associated with or responsible for the police warnings, and we have not been contacted by any police department in China regarding this matter,” the spokesperson stated.
The company condemned any illegal activities carried out by bad actors and responded to ongoing criticisms of its user base. The spokesperson clarified that the 60 million users Pi Network mentions refers to active users of the app, not the total number of users across its platform. In fact, the app has surpassed 100 million downloads on the Google Play Store.
Pi Network explained that the 10.8 million users shown on blockchain explorers represent those who have created wallets on the blockchain. This number is lower than the number of engaged users because mobile app users must complete multiple steps, including Know Your Customer (KYC) verification, to create a wallet and receive PI on the mainnet.
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