Bybit CEO Ben Zhou labeled Pi Network a scam and clarified that it will not list the Pi coin.
In response, Pi Network stated that the post which incited the Bybit CEO has no connection with the actual Pi Network project. The recent Bybit hack involving a theft of $1.5 billion in ETH is still circulating across social platforms. Meanwhile, Pi Network has become a hot topic due to its significant market price surge. However, both of these crypto entities are making headlines 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 disparaging remarks about the Pi Network after being rejected by the project for the Pi coin listing. It further asserted that the Bybit crypto exchange is losing its standing in the crypto market.
The post appears to contain complete misinformation, which provoked Bybit CEO Ben Zhou. He responded by reposting it on the social platform, mentioning a police warning issued to Pi Network by Chinese authorities in 2023. Apparently, the police warned that Pi Network is a scam that compromises personal data and pensions of the elderly.
Ben Zhou also clarified that Bybit did not make any listing request for the Pi coin. He urged the project to address the police reports that characterize it as a scam. Ben emphasized that Pi Network is indeed a scam and that Bybit will not list it.
**Pi Network Responds to Bybit CEO Allegations and Police Warning Reports**
Pi Network clarified that they have no affiliation with the X account that provoked the Bybit CEO. A spokesperson stated that Bybit did not make any KYB request to the Pi Network. He further asserted that the official X account of Pi Network has also addressed the issue recently, clarifying that Pi Network is not affiliated with and did not engage in any activities related to the police warning. Additionally, no one from the Pi Network has been contacted by the Chinese police department.
No one associated with Pi Network has any connection to the social media account that attacked Bybit and its CEO Ben Zhou. The statement further emphasized that Pi Network claims to be a legitimate platform. Its six-year track record with over 60 million engaged users demonstrates the reliability of the platform. Although the team is working to ensure the project’s success, it must confront challenges posed by unaffiliated bad actors.
When Bybit CEO responded to the unofficial account, the Pi Coin price dropped to $0.6168. However, its price experienced a significant surge in the past week until today. The price of Pi Coin fell approximately 20% today as bearish negative sentiment spread across the market.
**Highlighted Crypto News Today:** Cardano (ADA) Crashes Over 10% Despite Whale Accumulation of 130M.
