Bybit CEO Declares Pi Network a Scam, Rejects Listing
Table of contents
Market Reaction and Token Decline
Following the launch on February 20, excitement initially spread among Pi Network supporters, who eagerly anticipated a listing on major exchanges. However, the Pi token’s price has struggled ever since, falling below $1—a 100% decline from its previous levels. The lack of confidence from major investors is now apparent, and the token is facing steep headwinds in a competitive market.
Backlash from the Community
Zhou’s forceful rejection has ignited a firestorm on social media. Some Pi supporters have accused Bybit of losing relevance, with rumors suggesting that Bybit may have tried to list Pi before being forced to reject it. Zhou quickly refuted these claims and urged the Pi Network team to address the scam allegations openly rather than attacking critics.
Controversy and Regulatory Warnings
Adding fuel to the controversy, Zhou referenced an official warning from Chinese police in 2023 that classified Pi Network as a scam. According to that warning, the project allegedly targeted elderly individuals, collecting personal data and causing financial losses, including their pensions. This reference has only intensified doubts about the project’s legitimacy.