Pi Network Addresses Bybit CEOs Fraud Accusations Amid Listing Controversy

The Pi Network team addressed the accusations made by Bybit’s CEO, Ben Zhou, who labeled the application a scam, in a comment to Cointelegraph.

This controversy arose from a post on an X account called «unofficial technical team of Pi Network,» which claimed that the platform had turned down a listing proposal from Bybit, stating that the exchange is «losing ground in the market.»

Zhou refuted this claim, branding the project as «fraudulent,» and referred to a warning issued by Chinese police in 2023 concerning alleged scammers connected to Pi Network.

A representative of the app denied any association with the report, clarifying that it pertains to fraudsters impersonating the project.

Pi Network confirmed that the team has no ties with Bybit or its management. The company also stated that the provocations originated from an account that does not belong to the project.

Additionally, Pi Network responded to criticism regarding its user base, asserting that the 60 million active participants represent a genuine audience for the app, with total downloads on Google Play exceeding 100 million.

They emphasized that the blockchain explorer metrics showing 10.8 million wallets only reflect the number of users who have completed verification and created a wallet.

It is worth noting that in 2021, the Vietnamese authorities launched an investigation into the project due to alleged user data leaks online.