- Pi Network dismissed scam allegations from Bybit CEO Ben Zhou, clarifying that a 2023 Chinese police warning was about scammers impersonating their project, not Pi Network itself.
- Following their response, Pi Coin rebounded by 20%, recovering from a sharp decline caused by the controversy.
Pi Network has found itself at the center of controversy following allegations from Bybit CEO Ben Zhou, who called the project a scam. However, Pi Network quickly dismissed these claims, leading to a significant 20% surge in the price of Pi Coin.
Bybit CEO’s Allegations
Ben Zhou’s accusations were based on a 2023 warning from Chinese police that linked Pi Network to fraudulent activities. The authorities claimed that Pi Network had allegedly targeted elderly individuals, collected their data, and caused financial losses, including pensions.
Additionally, Zhou refuted claims that Bybit had requested to list Pi Coin or that Pi Network had refused Bybit. This statement fueled further uncertainty and speculation about the project.
Pi Network Responds
In a strong rebuttal, Pi Network clarified that the Chinese police warning was about scammers posing as Pi Network members, not the project itself. The company emphasized that they have never been contacted by authorities regarding such issues and firmly dismissed any fraudulent activities linked to their name.
Pi Network also made it clear that they have no affiliation with Bybit or Ben Zhou. The team reiterated that no official request was ever made by Bybit to verify its business with Pi Network.
A Community-Backed Project
Pi Network has been under development for six years and has built a strong community of over 60 million users worldwide. The team stated that they deliberately took their time to ensure the project was solid before launching its mainnet.
Despite facing criticism and market volatility, Pi Network remains focused on its long-term vision of decentralized finance and blockchain innovation.
Pi Coin’s Price Surge
Following Pi Network’s response, Pi Coin saw a remarkable 20% recovery after initially dropping by 50% due to panic selling triggered by the scam allegations.
Since its mainnet launch, Pi Coin has experienced substantial price fluctuations. It debuted at $1.50 but quickly plunged by 55% to around $0.70. However, after Pi Network defended its legitimacy, the coin rebounded and is currently trading at approximately $0.77, reflecting a 14% increase from its recent low.
Conclusion
While Pi Network continues to face scrutiny, its latest response to Bybit CEO’s allegations appears to have reassured investors, leading to a recovery in Pi Coin’s value. With a dedicated user base and a long-term vision, the project aims to prove its legitimacy in the evolving crypto space. However, as with any cryptocurrency, volatility remains a significant factor, and investors should proceed with caution.
