Pi Network Denies Scam Allegations as Pi Coin Price Surges 20%

Pi Network has been in the spotlight after its mainnet launch and recent comments from Bybit CEO Ben Zhou calling Pi Coin a big scam

Pi Network has been making headlines following its mainnet launch and recent comments from Bybit CEO Ben Zhou, who called Pi Coin a "big scam." In response to these allegations, Pi Network has taken a strong stand to clear up any misunderstandings.

Meanwhile, Pi Coin's price has surged by 20%, currently hovering around $0.77.

Bybit CEO's Allegations

The recent controversy began with comments made by Ben Zhou, highlighting a 2023 warning from Chinese police that labeled Pi Network a scam. According to the police, Pi Network targeted elderly individuals, collecting their data and leading to financial losses, including their pensions.

Furthermore, Zhou also refuted claims regarding Bybit and Pi Network. He stated that it is not true that Bybit did not ask to list Pi or that Pi refused Bybit's request.

Pi Network Dismisses All Claims

In response to these allegations, Pi Network clarified that a local police department in China had indeed issued a warning about scammers posing as part of the Pi Network project.

However, the Pi team emphasized that they had no connection to these bad actors and were never contacted by the police regarding this issue. They also strongly denounced any fraudulent activities conducted in their name.

Additionally, Pi Network stated that they have no relationship with Bybit or Ben Zhou. They confirmed that they have not been asked to verify Bybit's business in any way.

Pi Network has been under development for six years and has cultivated a robust community of over 60 million users. The team highlighted that they took their time to build a solid project before launching fully.

Pi Coin Price Surges by 20%

Following Pi Network's response, the price of Pi Coin has seen a 20% recovery after initially dropping by 50% due to heavy selling pressure and the negative impact of the Bybit CEO's comment labeling it a scam.

However, Pi Coin has experienced significant volatility since its mainnet launch. It began trading at $1.50 but quickly dropped by 55%, reaching around $0.70.

Currently, it has shown some recovery, trading at approximately $0.77, reflecting a 14% increase from its recent low.