Pi Network faces serious allegations of fraud as Bybit CEO Ben Zhou cites a police report from 2023 labeling it as a scam targeting vulnerable individuals.
In a recent statement, Zhou addressed claims from an unofficial Pi technical team asserting that Bybit’s request to list Pi tokens on its exchange was declined. The Pi Network allows users to mine cryptocurrency through a mobile application.
“Bybit did not submit any listing request to Pi Network; the assertion of refusal is utterly unfounded,” Zhou stated. He further referenced a 2023 police report warning the public about scams falsely associated with the Pi Network, particularly those exploiting the elderly with promises of rapid wealth.
The Wuxi Public Security Bureau reported, “Criminals have been promoting ‘π Coin’ as a means of free mining, enticing victims by offering tokens in exchange for app downloads.” The bureau highlighted that scammers often conduct lectures aimed at seniors, promoting referral bonuses and furthering their schemes through personal data resale.
According to the report, these scammers utilize incentives like free rewards to attract victims, with the promised returns often unlikely to materialize.
Zhou’s remarks reinforced his position that Bybit has no intention of listing Pi Network tokens, in contrast to other exchanges like OKX and Bitget, while Binance has begun polling its community regarding potential listing.
Despite the controversies, Pi Network co-founders have articulated their mission to ensure a stable platform through equitable token distribution and secure mechanisms, including identity verification for all users, known as Pioneers.
Pi Network Issues Scam Warnings
Prior to its mainnet launch, Pi Network cautioned users regarding the rise of fraudulent activities, emphasizing that neither it nor any affiliates engage in illegal activities.
The network cautioned against individuals soliciting fees or making deceptive claims regarding financial gains, noting these actions are not sanctioned. The project encourages users to verify information through official channels to safeguard their accounts.
As of now, the Pi token has seen a dramatic decline, dropping over 50% in just 24 hours, with current trading at $0.65 and daily trading volume hitting $1.2 billion.
