Bybit CEO Ben Zhou Slams Pi Network as Token Crashes 60% After Mainnet Launch

Bybit CEO Ben Zhou has doubled down on his stance against Pi Network, calling it a scam and confirming that his exchange will not list its token. As Pi Network remains embroiled in controversy over its practices, tensions between Zhou and the project continue to intensify.

He has repeatedly challenged its legitimacy and has refused to engage with what he sees as a questionable operation.

No Plans to List Pi Coin

In a recent post on X, Bybit CEO strongly criticized Pi Network, pointing to a 2023 warning from Chinese police that labeled it a scam. Authorities highlighted how Pi Network allegedly targeted elderly individuals and exposed their personal data, leading to financial losses, including pensions.

Zhou also dismissed claims that Pi Network had refused a Bybit listing or that the exchange failed a Know Your Business (KYB) check, calling these accusations completely false. He challenged Pi Network to publicly address the multiple reports questioning its legitimacy instead of resorting to baseless attacks.

Zhou made it clear that Bybit had no intention of listing fraudulent projects while reaffirming his stance that Pi Network was a scam. He urged the project team to be transparent if they have nothing to hide.

“If the project is legitimate and straight up, then you should come forth and address these report so everyone can understand, but instead you choose to make up shit and do these childish attack with no ground.”

Pi Token Crashes 60%

Pi Network is a blockchain-based project designed to simplify mining through mobile phones. Unlike Bitcoin, which requires high-powered computing systems for mining, Pi Coin can be mined effortlessly via its mobile app without significantly affecting battery life. Created by Stanford graduates Nicolas Kokkalis and Dr. Chengdiao Fan, the Pi Network officially launched its mainnet on February 20th after years of development.

Leading exchanges such as Bitget, OKX, and MEXC quickly supported its native token, Pi Coin. Meanwhile, Binance announced a community vote for the listing of the token on the crypto exchange. However, despite this backing, Pi Coin experienced a sharp 60% drop in value over the past day. It was currently trading at $0.67.

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