- Bybit CEO Ben Zhou calls Pi Network scam
- He urged people to stay away from it
- He also stated that Bybit will not list it
- Meanwhile, the price of Pi is below $1
Bybit CEO Ben Zhou calls the Pi Network a scam, urges people to stay away from it, as well as unequivocally states that Bybit will not list it and in general that he would not like to see such projects in the crypto industry.
Meanwhile, the price of Pi Network fell from $1.84 to less than $1 during just six hours, experiencing more than a 100% drop and leaving supporters worried.
More About Pi Network’s Fall and Criticism of Bybit
Initially, other platforms criticized Bybit for its alleged bid to list Pi Network but was rejected. Bybit CEO Ben Zhou was quick to deny these claims, even going so far as to make it a bit ironic to its competitors. He pointed to an official warning from the Chinese government regarding the Pi Network, which has been publicly available since 2023 and therefore known to Ben Zhou.
It is alleged that the Pi Network is a classic fraud scheme that targets people of an age who often do not fully understand the technical aspects and are more easily misled. It is also alleged that Pi Network not only took their money but also collected personal data.
Ben Zhou also additionally pointed out why exactly he considers Pi Network a scam and we will not see it listed on Bybit, and that he would not at all like to see such projects in the crypto industry as opposed to other financial sectors in which he has worked and observed in large numbers.
Meanwhile, the Pi Network community continues to insist on legitimacy but is probably having a lot of anxiety watching the price dynamics. More specifically, it started trading at $1.84, but fell to $1.18, down to $0.92, and down to $0.65 in just six hours. The price later tried to recover and rose to $0.91 briefly, and is now trading at ~0.68 with a capitalization of $65.529M.
Conclusion
Pi Network’s price dynamics do not inspire optimism, nor does its reputation amid all these developments. That cannot be said about Ben Zhou, who unequivocally defends his position, as well as the reputation of one of the largest crypto platforms today.
Bybit has earned its leading position for a reason, and would not risk its position so recklessly, as well as deprive its users of numerous advanced features and benefits that it has been creating for so long.
By the way, right now Bybit is offering exclusive benefits for new members. Use our link to get up to $35,050 in bonuses and additional welcome rewards.
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