Pi Network Clears the Air After Bybit CEO Calls It a Scam, Pi Coin Rises by 20%
Mustafa Mulla22 Feb 20253 min read
Pi Network has been in the spotlight after its mainnet launch and recent comments from bybit bybit Bybit is a cryptocurrency derivatives exchange that offers spot, futures, and options trading. The company uses a speed-matching engine and a leading top-order system to provide users with the ability to perform highly secure transactions. Bybit hosts events to connect experts all across the globe with the intention of sharing the knowledge of the growing technologies. Key Features: Trade spot, futures, and options with ease. Ensures quick and smooth trade execution. Low trading fees for all crypto traders. Offers charts, trading bots, and technical indicators. Uses cold storage, multi-signature wallets, and risk controls. Centralised ExchangeCrypto trading and Information CEO Ben Zhou calling Pi Coin a big scam. Meanwhile taking a strong stand against such allegations Pi Network recently stepped forward to clear misunderstandings. Since then, Pi Coin’s price has surged 20%, now hovering around $0.77.
Bybit CEO Allegation
A recent controversy stems from Ben Zhou’s comments, who pointed to a 2023 warning from Chinese police that called Pi Network a scam. The police said Pi Network targeted elderly people, collected their data, and caused financial losses, including their pensions.
Additionally, Zhou also denied claims about Bybit and Pi Network. He said it’s not true that Bybit didn’t ask to list Pi or that Pi refused Bybit
Pi Netowk Dismiss All The Claims
In response to this allegation, Pi Network explained that a local police department in China had issued a warning about scammers pretending to be part of the Pi Network project.
However, the Pi team made it clear that they had no connection to these bad actors and were never contacted by the police about this issue. They also strongly dismiss any fraudulent activities done in their name.
Further, Pi Network also stated that they have no relationship with Bybit or Ben Zhou. They even confirmed that they have not been asked to verify Bybit’s business in any way.
Pi Network has been in development for six years and has built a strong community of over 60 million users. The team explained that they took their time to create a solid project before launching fully.
Pi Coin Surge by 20%
After Pi Network’s response, the price of Pi Coin saw a 20% recovery after initially dropping by 50% due to heavy selling pressure and the negative impact of the Bybit CEO’s comment labeling it a scam.
However, Pi Coin has experienced significant volatility since its mainnet launch. It started trading at $1.50 but quickly dropped by 55%, reaching around $0.70.
Perhaps, it has since shown some recovery, currently trading at approximately $0.77, reflecting a 14% increase from its recent low.
Never Miss a Beat in the Crypto World!
Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.
FAQs
- No, Pi Network denies scam allegations, clarifying that past warnings were about unrelated fraudsters misusing their name.
