Bybit CEO Ben Zhou rejects listing Pi Network, calling it a "Ponzi scheme"

Many people have asked if Bybit will list Pi. While we have not interacted much with the project, we have conducted basic evaluations as we do with other cryptocurrencies

Many people have asked if Bybit will list Pi. While we have not interacted much with the project, we have conducted basic evaluations as we do with other cryptocurrencies, he told VnExpress.

Experts have identified the Lazarus hacker group as the perpetrators, exploiting vulnerabilities in the multi-signature wallet service Safe.

Zhou has received praise in recent weeks for leading Bybit through the aftermath of what has been dubbed “the biggest digital heist ever” that saw hackers steal $1.5 billion from it in late February.

Such transparency is absent in Pi Network, he pointed out.

“It is strange—you cannot find the team behind the project. They mention someone from Stanford, but you have never seen or heard them speak about it.

“I hope the founders or management team will step forward, maybe host a livestream, so that people like me can understand the project. Instead, they have chosen to attack me and Bybit.”

Zhou emphasized the importance of transparency in the cryptocurrency market, stating that Bybit’s recovery from the hack was partly due to its commitment to clear user asset management and its direct engagement via livestreams.

“They advertise that by pressing a button, you can earn a lot of money. But they never explain how those returns are generated.

“Many people have received nothing, while leaks of internal information occasionally surface.”

Bybit co-founder and CEO Ben Zhou. Photo from X

He has also suggested that Pi Network operates like a Ponzi scheme where later investors fund earlier ones. Pi Network is more dangerous than meme coins because it attracts users who lack knowledge about cryptocurrency, he said.

Meme coins such as Dogecoin and Shiba Inu are digital assets created as internet jokes, often based on celebrities, animals or viral trends. They lack technological value or real-world utility and are typically used for entertainment or speculative trading, with prices fluctuating dramatically.

“Meme coins are a known risk. Everyone involved understands the volatility and takes responsibility for their decisions,” Zhou said. “But with Pi, the project draws in a large number of people without offering any transparency about what’s really happening.”

On Feb. 12 Zhou had announced on X that Bybit would not list Pi, citing concerns that doing so could lead to disputes with older investors demanding refunds if they faced losses. His remarks sparked criticism on social media, with Pi supporters claiming that Bybit “did not meet standards” and was not authorized to list Pi. Pi Network rejected Zhou’s criticism, but said it had no connection to social media accounts attacking him.

Binance, the world’s largest cryptocurrency exchange, has been flooded with one-star reviews on Google Play and the Apple App Store. The backlash came after supporters expressed frustration over Binance’s failure to list Pi despite a poll showing majority support for its listing.

Launched in 2019, Pi Network promoted itself as a way for users to mine Pi for free by tapping a button in its mobile app daily. Vietnam is among the countries with the largest number of Pi miners. The project has been controversial for its delayed mainnet launch, which took nearly six years. On Feb. 20 Pi Network finally allowed users to transfer Pi to exchanges for trading.