Bybit CEO Ben Zhou Slams Pi Network as a Massive Fraud Scheme

Bybit CEO Ben Zhou has doubled down on his stance against Pi Network, branding it a scam and confirming that his exchange will not support its listing. His latest statement adds fuel to an already heated debate over the legitimacy of Pi Network, which has long faced skepticism in the crypto community.

Pi Network’s Controversial Status in Crypto

Pi Network has been a subject of debate for years. Unlike traditional cryptocurrencies, which launch with transparent mechanisms and trade openly on exchanges, Pi has operated in a closed environment, allowing users to “mine” tokens through a mobile app without any clear blockchain verification.

Despite being listed on certain exchanges, its authenticity remains questionable. Many argue that Pi Network lacks the transparency and decentralization fundamental to legitimate crypto projects. Even with the mainnet launch announcement, skeptics remain unconvinced.

Token Price Soars, Then Crashes in Hours

Earlier today, Pi Network’s token saw a sharp spike, reaching $1.99. However, the excitement was short-lived. Within hours, the price plunged 55%, settling at $0.9123. This wild fluctuation raised further concerns about the token’s stability and legitimacy.

The sudden crash highlighted the volatility of Pi Network’s token, with some suspecting price manipulation or artificial hype. Investors who bought in at the peak faced immediate losses, reinforcing concerns about whether the project has a sustainable future.

Ben Zhou Calls Out Pi Network

Ben Zhou, CEO of Bybit, has been vocal in his criticism of Pi Network. In a post on X (formerly Twitter), he reaffirmed Bybit’s decision to steer clear of the token. Zhou cited fraud concerns, referencing a 2023 article from Chinese authorities that labeled Pi Network deceptive and misleading.

Key points from Zhou’s stance:

• Bybit will not list Pi Network due to concerns over fraud.
• The project lacks transparency, raising red flags for investors.
• Chinese regulators have already issued warnings against it.

Zhou’s firm rejection of Pi Network aligns with his broader approach to protecting users from high-risk assets. His statement also serves as a warning to crypto traders who may be lured in by the token’s hype.

What’s Next for Pi Network?

The backlash from industry leaders like Ben Zhou raises serious questions about Pi Network’s future. While some exchanges continue to list the token, its long-term viability remains uncertain. Without clear transparency, regulatory approval, or industry support, Pi Network may struggle to gain legitimacy.

For now, the debate rages on. Is Pi Network truly a groundbreaking crypto project, or just another elaborate scheme? Investors will have to decide for themselves, but if industry veterans like Ben Zhou are anything to go by, the warning signs are hard to ignore.