Recent tensions between Bybit CEO Ben Zhou and Pi Network have sparked discussions about the legitimacy of the mobile-based cryptocurrency platform. The controversy began when an unaffiliated X (formerly Twitter) account, claiming to represent Pi Network’s technical team, alleged that Pi Network had declined a listing offer from Bybit, suggesting that the exchange was losing its market position.
In response, Zhou refuted the claim, stating that Bybit had never sought to list Pi Network’s token. He further accused Pi Network of being a “scam,” referencing a 2023 report from Chinese authorities that cautioned users about a project allegedly exploiting personal data and targeting the elderly.
Pi Network addressed these allegations by clarifying that the X account in question was not affiliated with their official team. A spokesperson emphasized that Pi Network had no relationship with Bybit or its CEO and confirmed that Bybit had not initiated any Know Your Business (KYB) verification with Pi Network.
The legitimacy of Pi Network has been a topic of debate within the cryptocurrency community. Critics point to the platform’s lack of transparency, absence of a detailed white paper, and its multi-level marketing-like referral system as potential red flags. Additionally, as of September 2024, Pi coins were not listed on major cryptocurrency exchanges, limiting their tradability.
Supporters, however, highlight Pi Network’s innovative approach to mobile mining and its substantial user base, which reportedly exceeds 60 million engaged users. They argue that the project’s cautious development strategy aims to ensure long-term success and stability.
As of February 2025, Pi Network has announced plans to launch its open mainnet on February 20, 2025, a move that could address some concerns by enabling real-world trading and establishing a market value for Pi tokens.
In conclusion, while allegations have been made against Pi Network, the platform maintains its stance as a legitimate cryptocurrency project. Prospective users and investors are advised to conduct thorough research and exercise caution when engaging with emerging cryptocurrency platforms.
