There has been a remarkable development in the cryptocurrency world. Bybit CEO Ben Zhou made harsh statements about the Pi Network, clearly describing the project as a “fraud”. Zhou stated that the PI token will not be listed on the Bybit exchange and claimed that the Pi Network operates in a way that is far from transparency.
Why Does Bybit Not Trust the Pi Network?
According to Zhou's statements, the main problems of Pi Network are:
- Not having a working blockchain
- Inability to trade publicly on the markets
- KYC issues that compromise personal data
- Home network launches that have been delayed for years
The CEO of Bybit recalled that Pi Network was warned by the Chinese police in 2023 for targeting the elderly. Zhou argued that Pi had made attempts to deceive such sensitive groups.
What Was the Pi Network's Response?
In a statement to Cointelegraph, Pi Network stated that the warning issued by the Chinese police was directed at people who were imitating the project. He also argued that the accusations against the project were unfounded and misleading.
In a post made by Pi Network's “unofficial technical team” on February 20, it was suggested that the listing offer from Bybit had been rejected. However, Zhou denied this claim and said that Pi Network had never applied for listing to Bybit, but rather that Pi was spreading false news to distract attention.
Is PI Coin More Dangerous Than Meme Coins?
Ben Zhou compared the Pi Network to meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB), noting that Pi is more dangerous than these projects. The reasons for this were listed as follows:
DOGE and SHIB have a working blockchain infrastructure.
The fact that they are listed on major stock exchanges provides transparency.
The Pi Network, on the other hand, has been unable to start the main network for years and is constantly postponing.
In addition, Pi Network is facing serious technical problems during the KYC process. Despite the KYC deadline extended to March 14, 2025, many users report that the problems have not been resolved.
Investors Should Be Careful
Zhou says Pi Network relies on investor trust and community FOMO (fear of missing out) without providing transparency and offering products. This can create huge risks in the crypto world. He emphasizes that investors should be wary of projects that are not listed.
