By Prashant Jha
Key Takeaways
Bybit CEO Ben Zhou criticized the Pi Network, calling it a scam.
Zhou cited a 2023 Chinese police warning alleging the project targets the elderly.
Pi Network debuted with a $180 billion fully diluted valuation (FDV) but lost over 65% of its value within 24 hours.
While global crypto exchanges rush to capitalize on the Pi Network hype, listing its long-awaited token, Bybit CEO Ben Zhou is taking a stand.
Unlike OKX and other major platforms that embraced Pi’s debut, Zhou has openly criticized the project, labeling it a scam and refusing to list the token.
Bybit CEO Takes a Stand Against Pi Network as Exchanges Rush to List It
Zhou’s skepticism is not new.
Pi Network, a so-called decentralized mining project, has been embroiled in controversy for years, drawing criticism for its opaque operations, delayed mainnet launch, and a recruitment model that some liken to a pyramid scheme.
However, the token’s recent listing on centralized exchanges reignited debate about its legitimacy, as it saw an explosive valuation followed by a rapid collapse in price.
On Feb. 20, Zhou doubled down on his position, citing an official warning from Chinese authorities.
The authorities flagged Pi Network as a potential scam that exploits users, particularly the elderly. His comments fueled a fresh wave of scrutiny just as the project’s long-awaited token faced its first major test in the open market.
“If the project is legitimate, then you should come forth and address these reports so everyone can understand. Instead, you choose to make up nonsense and resort to childish attacks. Yes, I still think you are a scam, and no, Bybit will not list a scam,” he wrote.
Pi Network’s Price Collapses Post-Launch
Beyond questions of legitimacy, Pi Network’s token launch has also raised concerns about valuation and accessibility.
Ahead of its listing, Pi tokens were trading at over $70 in unofficial markets, fueling optimism among early adopters.
However, when the token debuted on centralized exchanges at a $180 billion FDV and a price of $1.97, many investors were unable to sell.
Complaints flooded social media as users reported being locked out due to unresolved KYC issues—some had been waiting for verification for years.
As soon as trading opened, the market reaction was swift. The price plunged within hours as traders rushed to sell, eager to take profits after years of speculation. Within 24 hours, Pi had dropped to $0.66, erasing $120 billion in market value and fueling further doubts about its long-term viability.
