Pi Network has publicly addressed accusations made by Bybit CEO Ben Zhou, who recently challenged the project’s legitimacy and labeled it a scam. The controversy erupted following claims from an unofficial Pi Network account on X, which alleged that Pi Network had rejected a listing offer from Bybit.
In response, Zhou denied ever submitting a listing request and pointed to a 2023 warning from Chinese authorities, which he claimed highlighted potential scams targeting vulnerable populations. His public remarks caused Pi Network’s token (PI) to plummet from $1.84 to $0.61 on Feb. 20, though it later rebounded to a new all-time high of $2.99 on Feb. 26.
Pi Network’s Official Response
Pi Network released a statement denying any relationship with Bybit or its CEO. It confirmed that Bybit had never requested Know Your Business (KYB) verification, a standard exchange compliance process. The company also distanced itself from the X account that instigated the dispute, stating that it was not affiliated with Pi Network.
Regarding the Chinese police warnings referenced by Zhou, Pi Network clarified that the warning pertained to fraudulent actors impersonating Pi Network, not the company itself. The firm emphasized that it had never been contacted by Chinese authorities regarding any scam allegations and condemned any fraudulent activity in its name.
Addressing User-Based Inflation Claims
A key criticism of Pi Network has been the discrepancy in its user count claims. While skeptics cite blockchain explorer data showing only 10.8 million wallets, Pi Network explained that this figure represents only users who have completed Know Your Customer (KYC) verification and created wallets on the mainnet.
Pi Network maintains that its actual user base is around 60 million engaged users, with over 100 million app downloads on the Google Play Store. The company clarified that many registered users have yet to complete the KYC process, leading to the discrepancy between total app users and blockchain-verified wallet holders.
What’s Next for Pi Network?
Despite the ongoing skepticism, Pi Network remains a topic of intense debate in the crypto space. The recent price fluctuations suggest that market confidence is still volatile, but the project’s continued efforts to clarify its legitimacy could shape its future adoption and exchange listings.
As the crypto industry closely watches Pi Network’s developments, the question remains: Will Pi Network eventually achieve full legitimacy, or will concerns over its operations persist?
