Bybit CEO Accuses Pi Network of Fraudulent Activities: Pi Network's Counterclaim
Revamped Rant:
Hey there! Let's dive into the buzz surrounding the Pi Network, an intriguing cryptocurrency app that's caused quite a stir lately. Crossfire erupted between its team and Bybit CEO, Ben Zhou, who famously tagged the app a "scam" in a statement to Cointelegraph.
The friction ignited after an X account, known as the "Unofficial Technical Team of Pi Network," accused Bybit of losing market position, claiming Pi Network had denied their listing offer. Zhou swiftly debunked this assertion and threw allegations back, branding the project as a fraud. He even dropped a police warning from 2023 concerning Pi Network, issued by Chinese authorities, hinting at scams exploiting the elderly and data leaks involving pensions.
In response, a Pi Network rep shook their head, asserting no ties to said report—it was just those darn swindlers masquerading as their project.
As for Bybit, Pi Network confirmed they had never been in cahoots with them, nor their management. They also dismissed the antagonistic account, revealing no ties to that either.
The team also defended their user base, bragging about their 60 million active participants and over 100 million downloads on Google Play. However, they clarified that only 10.8 million wallets registered on the blockchain explorer belonged to users who had undergone verification and created a wallet.
Remember that Vietnamese authorities probed the project back in 2021 due to a data leak scandal online.
Now, while no recent police warnings specifically pin down Pi Network, the project has encountered its fair share of skepticism and question marks. Some whisper theories about its possible nature as a pyramid scheme or scam due to its distinctive mining mechanism and niche exchange listings.
However, with its transition to an Open Mainnet in May 2025, focusing on ecosystem growth and utility-building, the project seems to be buckling down to quell the reservations around its credibility. As for gaining mainstream acceptance and ironing out regulatory uncertainties, that's still a work in progress.
So there you have it—Pi Network, a popular yet controversial cryptocurrency with a massive user base, but still battling to shake off lingering questions and regulatory challenges. Keep your eyes peeled for future developments!
- The controversy surrounding Pi Network continues to evolve within the realms of finance and technology, as General-News outlets discuss allegations of fraud and scam accusations from Bybit CEO Ben Zhou, who also shared a police warning about the project from 2023, citing concerns about data leaks and exploitation of the elderly.
- As Pi Network shifts towards its Open Mainnet in May 2025, focusing on ecosystem growth and utility-building, Technology enthusiasts and Crime-and-Justice watchdogs will closely monitor the project's progress, hoping to gain a clearer understanding of its true nature amidst ongoing allegations of a pyramid scheme or scam, and the pursuit of mainstream acceptance and regulatory compliance.
