Bybit CEO Ben Zhou called Pi Network a scam and clarified that it will not list the Pi coin.
Pi Network responded, stating that the post which provoked Bybit’s CEO has no connection with the actual Pi Network project. The recent Bybit hack involving a theft of $1.5 billion in ETH continues to circulate across social platforms. On the other hand, Pi Network has gained significant attention due to its notable market price surge. However, both of these cryptocurrency entities have made headlines for different reasons.
An X account, claiming to represent the unofficial technical team of Pi Network, mentioned Bybit and its CEO. The post accused Bybit CEO Ben Zhou of making a disparaging post about Pi Network after being rejected by the project for the Pi coin listing. It further asserted that the Bybit crypto exchange is losing its position in the crypto market.
The post appears to contain complete misinformation, which provoked Bybit CEO Ben Zhou. He responded by reposting it on the social platform, mentioning a police warning issued to Pi Network by Chinese authorities in 2023. Apparently, the police warned that Pi Network is a scam that leaks personal data and pensions of the elderly.
Ben Zhou also clarified that Bybit did not make any listing request for the Pi coin. He urged the project to come forth and address the police reports that labeled it a scam. Ben emphasized that Pi Network is indeed a scam and that Bybit will not be listing it.
Pi Network Responds to Bybit CEO Allegations and Police Warning Reports
Pi Network clarified that they have no connection with the X account that provoked the Bybit CEO. One of the spokespersons stated that Bybit did not make any KYB request to the Pi Network. He further remarked,
The official X account of Pi Network has also addressed the issue recently. It clarified that Pi Network is not affiliated with, and did not engage in, any activity related to the police warning. Additionally, no one from Pi Network was contacted by the Chinese police department.
No one connected with Pi Network has any affiliation with the social media account that attacked Bybit and its CEO Ben Zhou. It further emphasized that Pi Network claims to be a legitimate platform. Its six-year track record with more than 60 million engaged users demonstrates the reliability of the platform. Although the team is striving to ensure the success of the project, it faces challenges from unaffiliated malicious actors.
When Bybit CEO responded to the unofficial account, Pi Coin’s price dropped to $0.6168. However, its price had witnessed a significant surge over the past week until today. Pi Coin’s price dropped around 20% today as bearish negative sentiment spreads across the market.
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