Pi Network Addresses Scam Allegations Made By Bybit CEO

• Bybit CEO Ben Zhou called Pi Network a scam and clarified that it will not list the Pi coin.
• Pi Network responded saying the post, which provoked Bybit CEO, has no connection with the actual Pi Network project. 

The recent Bybit hack of $1.5 billion theft of ETH is still circling across social platforms. On the other hand, Pi Network has become the talk of the town with its significant market price surge. However, both of these crypto entities are standing in the headlines combinedly for different reasons. 

An X account, claiming to be the unofficial technical team of Pi Network, mentioned Bybit and its CEO. The post accused Bybit CEO Ben Zhou of making a bad post about the Pi Network after being rejected by the project for the Pi coin listing. It further stated that the Bybit crypto exchange is losing its position in the crypto market. 

The post seems to include complete misinformation, which provoked Bybit CEO Ben Zhou. He responded to it by reposting it on the social platform. He mentioned a police warning issued to the Pi Network from Chinese authorities in 2023. Apparently, the police warned that Pi Network is a scam that leaks personal data and pensions of elders. 

Ben Zhou also clarified that Bybit didn’t make any listing request to Pi coin. He even asked the project to come forth and address the police reports which were calling it a scam. Ben stressed that Pi Network is a scam and Bybit is not going to list 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 clarified that Bybit did not make any KYB request to the Pi Network. He even stated,

“Mr. Zhou’s posts regarding Pi Network appear to have been in response to posts made by an individual unaffiliated with Pi Network.”

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 that is related to the police warning. And, no one from the Pi Network was contacted by the Chinese police department. 

No one in connection with the Pi Network has affiliated with the social media account that attacked Bybit and its CEO Ben Zhou. It further emphasized that

“There is no relationship between Pi Network and Bybit or Ben Zhou, and Pi Network has not been asked to KYC Bybit as of this date.”

Pi Network claims that it is a legitimate platform. Its six-year track record with more than 60 million engaged users demonstrates the reliability of the platform. Even though the team is trying to ensure the success of the project, it has to face the challenges of unaffiliated bad actors.

When Bybit CEO responded to the unofficial account, Pi Coin price dropped to $0.6168. However, its price witnessed a significant price surge in the last week until today. Pi Coin price dropped around 20% today as the bearish negative sentiment spreads across the market. 

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