Pi Network denies scam allegations by Bybit CEO Ben Zhou

"Neither Pi Network, nor anyone affiliated with Pi Network, are associated with the social media account which attacked Mr. Zhou," Pi Network posted on X on Feb. 22.

"Pi condemns the impersonators that made those comments."

This marks the first time since its inception that the project has responded to allegations against it.

The statement came after Zhou called Pi Network a scam project and announced that he would not list the Pi cryptocurrency on his platform. He suggested that listing Pi could lead to potential disputes with older investors demanding refunds if they faced losses.

Zhou’s comments sparked criticism on social media, with some users claiming Bybit "did not meet standards" and was not approved to list Pi.

Bybit CEO, Ben Zhou and Pi Network's logo. Photo by VnExpress/Duy Phong

"If the project is legitimate and straight up, then you should come forth and address these report so everyone can understand, but instead you choose to make up things and do these childish attack with no ground," Zhou wrote on Feb. 21, sharing a post from an account displaying the Pi logo that criticized him. Zhou also included a link to a Chinese police warning about elderly people being defrauded into buying cars using Pi tokens in 2023.

In response, Pi Network stated that the project has a "six-year track record and more than 60 million engaged users," making it difficult to prevent actions by unaffiliated bad actors. The company clarified that Chinese police had not contacted them about any fraud accusations. Additionally, Pi Network confirmed that it had not received a Know Your Business request from Bybit—a process required for platforms wishing to collaborate.

Zhou has not responded to Pi Network’s statement.

The CEO is currently addressing a Feb. 21 security breach that saw nearly $1.5 billion worth of ETH stolen from Bybit wallets, which The Guardian called "the biggest digital heist ever."

Zhou was praised for his quick response, holding multiple livestream sessions to address user concerns. He vowed to secure users' funds even if the stolen assets are not recovered and ensured that withdrawals continued without interruption.

According to analytics firm Arkham, Bybit’s assets total around $20 billion, making it the world's second-largest cryptocurrency exchange by trading volume after Binance.

Founded in 2019, Pi Network allows participants to mine Pi tokens for free by verifying participation daily. Vietnam is among the countries with the highest number of users.

The project has faced controversy for taking nearly six years to open its network, allowing users to move Pi tokens to external platforms for transactions starting Feb. 20. The cryptocurrency's value dropped by more than half, from $2.20 to $0.79, within a day of being listed on exchanges.