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A clash between Pi Network and Bybit
$4.25B
CEO Ben Zhou has drawn attention, following accusations that Pi is a fraudulent project.
The controversy began on February 20 when an X account claiming to be Pi Network’s “unofficial technical team” alleged that Bybit had requested to list Pi but was denied. The same post suggested that Bybit was struggling to maintain its market position.
Zhou dismissed the claim, stating that Bybit never approached Pi Network for a listing. He went further, calling the project a scam and referencing a 2023 report from Chinese authorities warning about fraudulent activities targeting older individuals.
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Zhou made it clear that Bybit had no intention of listing Pi and challenged the project to prove its legitimacy.
In response, Pi Network stated that the Chinese police warnings Zhou cited had nothing to do with the company itself. Instead, the reports were about bad actors falsely using Pi Network’s name. The company clarified that it had no involvement in the incidents mentioned and had never been contacted by authorities regarding them.
Pi Network also addressed criticism about its user base. While some critics point to blockchain data showing only 10.8 million wallets, the company explained that this figure represents users who have completed wallet setup, not the total user base.
Additionally, Pi Network clarified that its reported 60 million engaged users refer to app users, and downloads on Google Play had surpassed 100 million.
Meanwhile, Argentina’s President Javier Milei recently denied claims that he endorsed the LIBRA token. What did he say about it? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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