Jakarta, Pintu News – Recently, the crypto world was abuzz with fraud allegations involving Pi Network and Bybit CEO, Ben Zhou.
Pi Network, known for its significant user growth, suddenly came into the spotlight alongside the Bybit hacking incident that resulted in the loss of $1.5 billion worth of Ethereum .
Both entities, albeit for different reasons, are now under the public and media spotlight.
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
An X account claiming to be an unofficial technical team from Pi Network sparked controversy by accusing Ben Zhou of making negative statements against Pi Network after Pi Coin’s listing request was rejected.
Read also: Can the Pi Network Price Jump to $10 Before March 14, 2025?
The account also mentioned that Bybit’s position in the crypto market was declining. Zhou responded by reposting the allegations on the social platform, adding that Pi Network had received a warning from Chinese police authorities in 2023, stating that Pi Network was a fraudulent scheme that leaked personal data.
Zhou emphasized that Bybit never submitted a listing request for Pi Coin and asked Pi Network to clarify the police report accusing them of fraud.
He emphasized that Pi Network is a scam and Bybit will not list it.
Recently, a CEO publicly commented on Pi Network in response to a post made by an unaffiliated individual on social media. While we understand that online discussions can sometimes lead to misunderstandings, we want to take a moment to clarify a few points and ensure accurate…
Pi Network was quick to respond to the allegations made by Bybit’s CEO. The Pi Network spokesperson emphasized that they have no connection to the X account that provoked Zhou. They also emphasized that there was no Know Your Business (KYB) request submitted by Bybit to Pi Network.
Pi Network also responded officially through their X account, confirming that they were not involved in any activities related to the police alert and no members from Pi Network were contacted by the Chinese police department.
Furthermore, Pi Network emphasizes that there is no relationship between Pi Network and Bybit or Ben Zhou, and Pi Network has not been asked to conduct Know Your Customer (KYC) on Bybit to date.
They emphasized that Pi Network is a legitimate platform with a six-year track record and over 60 million active users.
Read also: Crypto Market Turns Green! How Much Is Pi Network Worth in Rupiah Today (3/3/25)?
When Zhou responded to the unauthorized account, Pi Coin’s price dropped to $0.6168 at the end of February 2025. However, the price experienced a significant spike in the last week to today. At the time of writing (3/3/25), the Pi Coin price has edged up 0.4% to around $1.73 in the last 24 hours.
Overall, this case between Pi Network and Bybit highlights the importance of transparency and clear communication in the crypto ecosystem. Although Pi Network goes to great lengths to ensure the success of their projects, they have to face challenges coming from unaffiliated actors.
Going forward, these two entities may need to explore ways to reduce misunderstandings and strengthen user trust.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
Reference:
Fraud Allegations? Pi Network Team Breaks Silence with Official Clarification! – Pintu
