Bybit CEO Ben Zhou slams Pi network as scam, cites Chinese authorities warning

Bybit CEO Ben Zhou publicly criticized Pi Network, calling it a scam and citing a 2023 Chinese police warning about the project. The warning detailed how people were deceived with promises of rewards, leading some to lose pension funds and personal data. This criticism coincided with Pi coin's launch on exchanges like OKX, Gate.io, and Bitget. Despite an initial price surge to $1.99, the coin's value quickly dropped by 55% to $0.9123. Zhou refuted claims that Bybit had been rejected by Pi Network for listing, stating Bybit never made such a request. He challenged Pi Network to address the scam allegations transparently. The controversy has sparked mixed reactions, with some users complaining about Pi Network's lack of customer support and others praising Bybit's caution.