Skepticism Towards Pi Network Persists as Bybit CEO Steers Clear
Bybit's Chief Executive Spurns Pi Network's Listing Due to Suspected Fraud Issues
The feud between Bybit CEO Ben Zhou and Pi Network's team continues after Zhou refuses to list the mysterious cryptocurrency on his exchange. Zhou's latest stance stems from concerns about fraud, backed by the 2023 warning issued by Chinese authorities labeling Pi Network as deceiving and misleading.
In a brash online post on X, Zhou pointed fingers at fallen promises and missing funds suffered by numerous elderly investors who were lured into "mining" Pi under the bait of lavish rewards. These individuals, upon attempting to withdraw their funds using their real identities, were left empty-handed.
Cryptocurrency's Dubious Past and Failed Promises
Pi Network's dubious past isn't limited to the Chinese authorities' warnings. A growing number of users have experienced financial and data losses while engaging with the cryptocurrency, with some even losing their pensions as a result. These allegations have been echoed by Zhou, following rumors of personal bias against Pi Network. However, Bybit has vehemently denied these accusations.
In response to the Pi developers rejecting their listing, Bybit never made an attempt to register the cryptocurrency on their exchange. In a defiant stance, Zhou challenged the Pi team to address their concerns regarding the cryptocurrency's legitimacy. The cryptocurrency community remains divided, with a skeptical air hanging over Pi Network's operations and transparency.
Volatile Market and Investor Disillusionment
Pi Network launched its mainnet in February 2023 and quickly saw its token surge to $1.99 before plummeting 55% in just hours. This steep dropped has raised questions about the cryptocurrency's stability and transparency.
Users have reported issues with customer support, including failed attempts to recover lost tokens. Accessing funds through the network's withdrawal restrictions remains difficult, adding to the swelling disillusionment among investors.
While some traders applaud Bybit's avoidance of potential risks, others are dismayed by Pi's lack of accountability in the face of mounting controversies and concerns.
Relevant Insights
As of April 2025, Pi Network's price has dropped 15% to around $0.6077 to $0.682, with market challenges and technical issues hindering its progress. Despite these difficulties, the cryptocurrency maintains a substantial user base of over 35 million people. Some analysts believe that Pi's price could reach $2.01 by May 2025, but a cautious sentiment persists due to market conditions.
While Pi Network faces scrutiny over transparency and operational legitimacy, the cryptocurrency hasn't been marred by specific fraud or legal controversies with individuals or regulatory bodies like Chinese authorities in recent reports. The focus on mobile mining has sparked interest, but transitioning into a fully functional blockchain remains a concern for investors.
- The cryptocurrency domain is stricken with skepticism, as seen in the ongoing feud between Bybit CEO Ben Zhou and Pi Network's team over the listing of Pi cryptocurrency, which Chinese authorities previously warned was deceptive and misleading.
- Numerous elderly investors have fallen prey to Pi Network, with empty promises of lavish rewards leading to lost funds and even some losing their pensions, contributing to the burgeoning distrust towards this token.
- Bybit, under Zhou's leadership, has vehemently refused to register Pi on their exchange, challenging the developers to address the cryptocurrency's legitimacy concerns.
- The PiNetwork community is deeply divided, with a general air of doubt hanging over its operations and transparency, exacerbated by market volatility and customer support issues.
- Despite the ongoing controversies, Pi Network maintains a substantial user base of over 35 million people, with analysts predicting that its price could reach $2.01 by May 2025. However, a cautious sentiment prevails among investors due to market challenges and technical concerns.
- While Pi Network faces scrutiny over its transparency and operational legitimacy, there are currently no specific reports of the cryptocurrency being marred by fraud or legal controversies with individuals or regulatory bodies like Chinese authorities.
