Bybit CEO Ben Zhou Calls Pi Network a Scam, Rejects Listing Request

Bybit CEO Ben Zhou called Pi Network a scam and stated his exchange will not list its token. He referred to warnings issued by Chinese police in 2023, labeling Pi Network fraudulent.

Crypto exchange Bybit will not be listing Pi Network’s token, according to a statement from the exchange’s CEO. Ben Zhou also called the project a scam and said it is targeting elderly people.

In a statement shared with CoinDesk on Monday, Zhou said that Bybit had not failed a Know Your Business (KYB) check for Pi Network. He also said that the project had not refused a listing on Bybit. Both claims had been made by Pi Network community members in recent weeks.

“We have not failed any KYB for Pi Network, and they have not refused any listing on Bybit,” said Zhou. “Both claims are not true. Please stop making up shit and dragging innocent parties into this.”

Zhou also said that Pi Network had not been forthcoming in addressing reports that it is a scam.

“If the project is legitimate and straight up, then you should come forth and address these report[s] so everyone can understand, but instead you choose to make up shit and do these childish attack[s] with no ground,” he said.

The exchange CEO’s comments come after months of tension between Bybit and Pi Network, with Zhou repeatedly questioning the project’s legitimacy and refusing any engagement with the team.

Pi Network, founded by Stanford graduates Nicolas Kokkalis and Dr. Chengdiao Fan, is a blockchain-based project that aims to simplify mining through mobile phones. Users can mine Pi Coin, the project’s token, via a mobile app without substantially impacting battery life.

The project’s mainnet went live on Feb. 20, following several years of development. Several major exchanges, including Bitget, OKX and MEXC, extended support for Pi Coin after the mainnet launch on Feb.20. Binance also announced a community vote for a potential listing.

Meanwhile, Pi Coin (PI/USDT) witnessed a steep decline, dropping by 60% in a single day, according to Tradingview at the time of writing.

The token experienced a sharp price surge, followed by a steep crash, indicating high volatility in its trading pattern.