Pi Network Responds to Bybit CEO’s Scam Allegations
Pi Network has addressed the controversy sparked by Bybit CEO Ben Zhou, who recently questioned the project’s legitimacy and labeled it a scam. The dispute emerged following claims made by an X account, which identified itself as Pi Network’s “unofficial technical team.”
Bybit Did Not Submit a Listing Request to Pi Network
On February 20, the X account alleged that Pi Network had declined a listing proposal from Bybit, further stating that the exchange was “losing its position” in the market. This statement prompted Zhou to retaliate, asserting that Pi Network was a scam. He referenced a 2023 report from Chinese authorities that warned against fraudulent activities targeting elderly individuals.
“Yes, I still think you are a scam, and no, Bybit will not list scams,” Zhou posted on social media, firmly denying any plans for Pi Network’s token listing.
Additionally, Zhou claimed that Bybit never requested a listing from Pi Network and challenged the project to address past concerns regarding its operations and legitimacy.
In response, a Pi Network spokesperson clarified to Cointelegraph that Bybit had not initiated a Know Your Business (KYB) verification, a process ensuring that ecosystem transactions occur between verified businesses. “Bybit has not requested KYB verification from Pi Network,” the spokesperson confirmed. They also emphasized that there was no official relationship between Pi Network, Bybit, or its CEO.
No Affiliation with the X Account That Sparked the Dispute
Pi Network distanced itself from the X account that triggered Zhou’s reaction, stating, “Mr. Zhou’s comments regarding Pi Network appear to have been in response to posts made by an individual unaffiliated with Pi Network.”
The social media exchange significantly impacted Pi Network’s token price. On February 20, PI fell from a high of $1.84 to a low of $0.61. However, the token rebounded in the following days, surging to a record high of $2.99 on February 26.
Pi Network Addresses Chinese Police Warnings and User Base Criticism
Pi Network also tackled concerns regarding a previous warning from Chinese authorities, which Zhou referenced in his allegations. The company asserted that the reported fraudulent activities were perpetrated by impersonators rather than the Pi Network team 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. Additionally, Pi Network has not been contacted by any police department in China regarding this incident,” the spokesperson stated, emphasizing the company’s condemnation of any illicit activities associated with its name.
Pi Network also responded to skepticism regarding its user count, a frequent topic of debate among critics. The company reiterated that the reported 60 million users represent its active application users. Furthermore, it highlighted that the Pi Network app has surpassed 100 million downloads on Google Play.
“The 60 million Engaged Pioneers number is actually much lower than the total number of registered users on the app, which is a metric that many companies typically share,” the spokesperson explained.
Regarding the frequently cited 10.8 million users on blockchain explorers, the company clarified that this figure represents only users who have created wallets on the blockchain. The discrepancy arises because mobile app users must complete multiple steps, including Know Your Customer (KYC) verification, before obtaining their PI on the mainnet.
Read Also: Bybit Hacker Launders $335M as Stolen Funds Keep Moving
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
Comments are closed.