Ben Zhou
Pi Network has addressed the controversy over its legitimacy following accusations by Bybit CEO Ben Zhou.
Zhou cited a 2023 warning from Chinese police. He claimed it was involved in fraud, targeting early investors and compromising user data.
These comments caused PI Coin’s value to drop by more than 50% as early adopters sold their holdings after the mainnet launch.
In response, Pi Network released a public statement on X. The team said the Chinese police warning was aimed at bad actors impersonating the project—not at Pi Network itself. They stated that Chinese authorities have never contacted them about any fraud. The team also stressed they are not affiliated with Bybit or its CEO. They confirmed they did not participate in the exchange’s Know Your Business verification.
Despite the negative sentiment from Zhou’s viral tweet which also confirmed that Bybit would not list PI Coin remains committed to its long-term plan.
Market reaction
The project has been in development for over six years and now has more than 60 million active users. After the clarification, PI Coin’s price recovered by 20% and now trades around $0.77. This price is still below its initial mainnet level but shows signs of recovery.
Early adopter sell-offs continue to affect the market, and volatility remains high. However, Pi Network’s response shows its determination to move forward. The project plans to further develop its ecosystem and work on restoring investor confidence. The market will soon assess the updated facts as Pi Network continues its progress.
The Pi Network, a blockchain-based cryptocurrency project, recently faced scrutiny after allegations were raised by Ben Zhou, the CEO of Bybit, a prominent cryptocurrency exchange.
Earlier before its launch, Zhou had claimed that the Pi Network’s native cryptocurrency, PI coin, was being traded on unauthorized platforms despite not being officially listed or launched for trading.
This led to confusion among users and investors regarding the legitimacy of these transactions and the status of the PI coin.
The controversy arose when certain exchanges began listing what they claimed to be PI coins.
Pi Network’s response
In response to these allegations, the Pi Network issued an official statement emphasizing that it has not authorized any exchange to list its token for trading.
The team reiterated that any tokens being traded on external platforms are not genuine PI coins but rather speculative assets misusing their name. They urged users to exercise caution and avoid engaging with these unauthorized exchanges.
The Pi Network also highlighted its commitment to building a robust ecosystem before launching its open mainnet. This includes completing Know Your Customer (KYC) verifications for its user base and ensuring compliance with regulatory standards globally. The network aims to create a secure environment for its community while avoiding premature exposure to risks associated with unregulated trading. – NS
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