by Rubab Fatima
The team at Pi Network reacted to Ben Zhou’s remarks when he criticized the project and called it a scam. A message that someone falsely claimed represented Pi Network’s tech team informed users that Bybit rejected an exchange listing offer and accused the platform of losing value in the market.
During February 20th Zhou defended his judgment that Pi Network operates scams. He used official authorities in China to show the planned scam and stood firm that Bybit would reject Pi Network listing.
Zhou declared Pi Network as a fraud platform and pledged Bybit would never add the scam to its listings. He always denied Pi Network listing requests and demanded proof of validity since previous audiences doubted the project.
1. Here is a official police warning of $Pi from Chinese police back in 2023 warning to the public that it’s a scam targeted towards elderly folks https://t.co/LaGJqXSOXR which leaks their personal data and loss of their pension. There are multiple other reports out there… https://t.co/gkEu2wZwfo
— Ben Zhou (@benbybit) February 20, 2025
PI Token Value Drops Following Zhou’s Fraud Claims
The network spokesperson denies any ties between Pi Network and Bybit operations. The representative confirms Bybit has not asked Pi Network to perform necessary Know Your Business (KYB) validation.
Our team representative said both companies do not work together and denied any requests from Bybit for KYB verification with Pi Network. Sunday indicates in his statements about Pi Network that he reacted to someone not affiliated with our company.
After Zhou published his claims the value of PI token fell from $1.84 down to $0.61 on February 20. The token performance improved during the following days and attained its highest point of $2.99 on February 26.
Pi Network explained that scammers used the network name to trick people even though they worked independently of the company. The company officially declared:
“To be abundantly clear and to avoid any ambiguity, Pi Network is not affiliated with, did not authorize, and did not engage in any activity that is related to the police warning, and Pi Network has not been contacted by any police department in China regarding this incident.”
Pi Network Addresses Blockchain Explorer Data Misconceptions
Pi Network defended itself against continuous doubts about its registered users. The company stated clearly that 60 million represents the number of people who have installed its application. Through its statement the company announced its app reached 100+ million downloads on Google Play Store.
Our total app registration users exceeds the 60 million mark which the spokesperson explained while addressing our concerns. People criticize Pi Network by referring to blockchain explorer analysis which shows 10.8 million users. The company details that this number refers to users who finalized the blockchain wallet creation task.
From Pi Network’s perspective the engaged user total is less than the registered users because users must go through a series of steps including KYB verification before making wallets and earning their PI at the mainnet.
The public debate about Pi Network continues with the company strengthening its legitimacy by fighting back against accusations and upholding its position against crypto scams. Pi Network denies all fraudulent claims while showing its independent status from Bybit and related scammers.
The company specified user numbers while responding to police warnings and showing how users follow the rules. The PI token value recovered after its temporary decrease because investors saw stronger support in both the platform system and its willingness to share information.
#blockchain #crypto, #decentralized, #distributed, #ledger
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