Pi Network Responds to Scam Allegations from Bybit CEO

Pi Network Denies Scam Allegations Amid Controversy

Pi Network has addressed recent controversy following accusations from Bybit CEO Ben Zhou, who questioned the project's legitimacy. The dispute began when an X account claiming to be Pi Network’s “unofficial technical team” accused Bybit of struggling in the market after allegedly rejecting a listing offer from the exchange.

In response, Zhou labeled Pi Network a "scam," referencing a 2023 report from Chinese authorities that warned of a fraudulent scheme targeting elderly users. He firmly stated that Bybit had never submitted a listing request to Pi Network and challenged the project to prove its credibility.

Bybit Did Not Submit a Listing Request to Pi Network

In an official statement to Cointelegraph, a Pi Network spokesperson confirmed that there is no relationship between the project and Bybit. The spokesperson also clarified that Bybit had not requested Know Your Business (KYB) verification, a process ensuring secure transactions between verified businesses.

Pi Network backed Zhou’s assertion that Bybit had never sought a listing on its platform. The company further distanced itself from the X account that instigated the dispute, emphasizing that it had no ties to the individual behind the allegations.

Following Zhou’s remarks, Pi Network’s token price experienced volatility. On Feb. 20, PI dropped from $1.84 to $0.61 before rebounding to an all-time high of $2.99 on Feb. 26.

Pi Network Addresses Chinese Police Warnings and User Base Concerns

Pi Network also responded to the Chinese police warnings referenced by Zhou, stating that the reports were about bad actors impersonating Pi Network, not the company itself.

"To be abundantly clear and to avoid any ambiguity, Pi Network is not affiliated with, did not authorize, and did not engage in any activity related to the police warning, and Pi Network has not been contacted by any police department in China regarding this incident," the spokesperson clarified.

The company reiterated its stance against fraudulent activities and condemned any bad actors misusing its name.

Another key criticism Pi Network addressed was skepticism about its user base. The company confirmed that its reported 60 million users are active application users. It also highlighted that its Google Play Store downloads exceed 100 million, reinforcing the platform’s reach.

Regarding the 10.8 million wallets visible on blockchain explorers—often cited by critics to challenge Pi Network’s legitimacy—the company clarified that this figure represents only users who have completed the Know Your Customer (KYC) process and created blockchain wallets. Many more users remain engaged with the platform but have yet to transfer their Pi tokens to the mainnet.

Conclusion

Pi Network continues to defend its legitimacy amid growing scrutiny, dismissing accusations from Bybit's CEO and clarifying its position on the police reports. As the project gains traction, it remains focused on expanding its user base and securing its position in the crypto space.