Bybit CEO Warns: Pi Network Is Riskier Than Meme Coins

The cryptocurrency industry is no stranger to controversy, but Pi Network has recently come under fire from Bybit CEO Ben Zhou. He argues that Pi Network is more deceptive than meme coins, as it targets individuals with little knowledge of cryptocurrency, leading to unrealistic expectations.

Bybit's Stance on Pi Network

Ben Zhou, co-founder and CEO of the cryptocurrency exchange Bybit, recently addressed the growing curiosity around Pi Network. "Many people asked us if we would list Pi on Bybit. We don’t interact much with the project, but we conduct basic reviews like we do with other cryptocurrencies," Zhou stated.

Zhou has been widely recognized in the crypto industry, particularly for navigating Bybit through a crisis in February when a massive cyberattack resulted in $1.5 billion in losses. Experts later attributed the attack to the notorious Lazarus hacker group, which targeted a third-party multi-signature wallet system, Safe.

Despite this turmoil, Zhou has remained firm on his stance against Pi Network, previously dismissing it as a potential scam.

Lack of Transparency Raises Concerns

One of Zhou’s key concerns with Pi Network is its opacity. "What’s strange is that you can’t find the real team behind the project. They claim to have connections to Stanford, but there’s no direct engagement. You never see the founders in public discussing their project," he noted.

Zhou further expressed his skepticism, calling for transparency from Pi Network’s leadership. "I was really hoping the founders or admins would come forward—maybe do a livestream to clarify things. Instead, they started attacking me and Bybit."

His remarks highlight a broader issue in the crypto space: legitimacy. Transparency plays a crucial role in trust-building, and Zhou believes that Bybit was able to withstand its crisis partly because of its open communication with users.

Is Pi Network a Ponzi Scheme?

Another major red flag, according to Zhou, is Pi Network’s business model. The project has been active for years but continuously delays critical milestones. Zhou criticized its earning mechanism, stating:

"They claim you can make a lot of money just by clicking a button. But they don’t explain where the money comes from. Many users have earned nothing, and occasional data leaks have raised further concerns."

He likened the model to a Ponzi scheme, where new investors fund returns for early adopters, rather than generating real value.

Why Pi Network Is Riskier Than Meme Coins

Meme coins, such as Dogecoin (DOGE) and Shiba Inu (SHIB), are known for their speculative nature. Unlike traditional cryptocurrencies, they hold little technological value and are often driven by internet trends, celebrities, and viral memes. However, Zhou believes that Pi Network is more dangerous than meme coins.

"Meme coin players understand what they’re getting into and take responsibility for their decisions. But Pi Network attracts a broad audience without fully disclosing how the project operates," he explained.

This distinction makes Pi Network riskier, as it lures in users unfamiliar with the complexities of digital assets.

Ongoing Controversy Surrounding Pi Network

Zhou’s criticism is not the first time Pi Network has faced scrutiny. On February 13, he publicly refused to list Pi on Bybit, referencing past experiences where investors—many of whom were older—sought compensation for failed investments. Following his statement, Pi Network supporters launched attacks against him on social media, accusing Bybit of not meeting listing standards.

In response, Zhou doubled down, labeling Pi Network as a scam for failing to address allegations directly and instead resorting to online hostility. Pi Network later denied involvement, claiming that the attacks were from impersonators.

Even Binance, the world's largest cryptocurrency exchange, has faced backlash for conducting a survey about Pi Coin without committing to listing it. This led to a wave of negative "one-star" reviews on Google Play and Apple’s App Store.

The Future of Pi Network

Launched in 2019, Pi Network promised users the ability to earn free Pi tokens by checking in daily on its mobile app. Vietnam is one of its largest user bases, with many participants engaged in "Pi mining." However, the project remains controversial due to its slow progress.

For nearly six years, users have been waiting for the "open network" phase, which would allow them to transfer and trade Pi tokens freely. Despite finally launching this feature on February 20, skepticism remains regarding Pi Network’s long-term viability and real-world value.

Final Thoughts

Ben Zhou’s critique of Pi Network raises critical questions about transparency, legitimacy, and investor safety in the cryptocurrency space. While meme coins are often dismissed as speculative, they at least operate openly. In contrast, Pi Network’s lack of clarity and history of missed deadlines continue to fuel doubts.

As the crypto market evolves, users must remain cautious and conduct thorough research before investing in any digital asset—especially those promising easy profits without clear revenue models.