The PI token from Pi Network saw a dramatic drop of over 65% after the project’s much-anticipated mainnet went live.
On February 20, Pi Network revealed the official launch of its “Open Network,” marking the beginning of a phase where users can access centralized exchanges and interact with businesses outside its original ecosystem. Alongside this, PI was listed on several crypto exchanges, including Bitget, OKX, and MEXC, on the same day.
Once trading began, the PI token’s price quickly tumbled from $1.84 to $0.64 by the time of writing.
Bybit CEO Ben Zhou Announces Bybit Won’t List PI Token Despite the token’s listings on various exchanges, Bybit chose not to include PI on its platform. Bybit’s CEO Ben Zhou took to X (formerly Twitter) to accuse Pi Network of being a scam.
Zhou referenced a warning issued by Chinese authorities in 2023, which cautioned users against engaging with the project, calling it a “scam” that specifically targeted older individuals.
Zhou challenged Pi Network’s team to address these allegations and clarified that Bybit had never requested to list the PI token. He wrote:
“Bybit had made no listing request to $PI and the claim that $PI refused Bybit listing or Bybit did not pass some sort of KYB of $PI is completely nonsense.” He made it clear that Bybit had no plans to list the PI token.
Pi Network’s Response Remains Unclear Pi Network, known for its mobile-based cryptocurrency mining system, has amassed a user base of over 60 million, although blockchain explorers report only 9.1 million active users. Despite claims of decentralization, the network is still primarily governed by its core team, with no sign of independent validators joining the ecosystem.
For more news, find me on Twitter Giannis Andreou and subscribe to My channels Youtube and Rumble
What is your opinion on this particular topic? Leave us your comment below! We are always interested in your opinion!
