Following Bybit CEO Ben Zhou’s characterization of Pi Network as “a major fraud,” the Pi team issued a statement. Zhou referenced a warning released by Chinese police in 2023, accusing Pi Network of fraudulent activities. However, the Pi team clarified that these allegations have been misunderstood, resulting in a 20% surge in the price of Pi Coin, which reached $0.77.
Ben Zhou’s Serious Accusations Against Pi Network
Ben Zhou raised concerns about the credibility of Pi Network, citing a 2023 fraud warning from Chinese police. The police had claimed that Pi Network targeted the elderly, collected their data, and caused financial losses.
Zhou also stated that there is no collaboration between Pi Network and Bybit, countering rumors about Pi Coin’s potential listing on the platform. He denied that Bybit intended to list Pi Coin or that Pi Network had refused listing requests.
Pi Network Team: Fraud Claims Are Groundless
The Pi Network team asserted that the fraud warning from local police in China was misunderstood. They explained that the warning was aimed at fake projects using the Pi Network name to scam individuals, asserting that their project has no connection to these incidents and has not received any accusations from the police.
