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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Feb 22, 2025 05:23 UTC
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Pi Network Clears the Air After Bybit CEO Calls It a Scam, Pi Coin Rises by 20%
Pi Coin surged 20% after Pi Network dismissed Bybit CEO’s scam allegations.
Bybit CEO cited a 2023 Chinese police warning, linking Pi Network to fraud.
Despite volatility, Pi Coin now trades around $0.77, up 14% from its recent low.
Pi Network has been in the spotlight after its mainnet launch and recent comments from bybit 
bybit - Centralised ExchangeCrypto trading and Information 
CEO Ben Zhou calling Pi Coin a big scam. Meanwhile taking a strong stand against such allegations Pi Network recently stepped forward to clear misunderstandings. Since then, Pi Coin’s price has surged 20%, now hovering around $0.77.
Bybit CEO Allegation
A recent controversy stems from Ben Zhou’s comments, who pointed to a 2023 warning from Chinese police that called Pi Network a scam. The police said Pi Network targeted elderly people, collected their data, and caused financial losses, including their pensions.
Additionally, Zhou also denied claims about Bybit and Pi Network. He said it’s not true that Bybit didn’t ask to list Pi or that Pi refused Bybit
Pi Netowk Dismiss All The Claims
In response to this allegation, Pi Network explained that a local police department in China had issued a warning about scammers pretending to be part of the Pi Network project.
However, the Pi team made it clear that they had no connection to these bad actors and were never contacted by the police about this issue. They also strongly dismiss any fraudulent activities done in their name.
Further, Pi Network also stated that they have no relationship with Bybit or Ben Zhou. They even confirmed that they have not been asked to verify Bybit’s business in any way.
Pi Network has been in development for six years and has built a strong community of over 60 million users. The team explained that they took their time to create a solid project before launching fully.
- Also Read :
- Pi Coin Price Prediction: Analyst Says 10x Gains Soon
- ,
Pi Coin Surge by 20%
After Pi Network’s response, the price of Pi Coin saw 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 started trading at $1.50 but quickly dropped by 55%, reaching around $0.70.
Perhaps, it has since shown some recovery, currently trading at approximately $0.77, reflecting a 14% increase from its recent low.
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FAQs
No, Pi Network denies scam allegations, clarifying that past warnings were about unrelated fraudsters misusing their name.
No, Pi Network clarified that they never had discussions with Bybit regarding a listing or any verification process.
Pi Network has over 60 million users and took six years to develop before launching its mainnet.
Yes 
No 
