Pi Network Denies Fraud Claims After Bybit CEO’s Accusations

The controversy began on February 20 when an X account claiming to be Pi Network’s “unofficial technical team” alleged that Bybit had requested to list Pi but was denied. The same post suggested that Bybit was struggling to maintain its market position.

Zhou dismissed the claim, stating that Bybit never approached Pi Network for a listing. He went further, calling the project a scam and referencing a 2023 report from Chinese authorities warning about fraudulent activities targeting older individuals.

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Zhou made it clear that Bybit had no intention of listing Pi and challenged the project to prove its legitimacy.

In response, Pi Network stated that the Chinese police warnings Zhou cited had nothing to do with the company itself. Instead, the reports were about bad actors falsely using Pi Network’s name. The company clarified that it had no involvement in the incidents mentioned and had never been contacted by authorities regarding them.

Pi Network also addressed criticism about its user base. While some critics point to blockchain data showing only 10.8 million wallets, the company explained that this figure represents users who have completed wallet setup, not the total user base.

Additionally, Pi Network clarified that its reported 60 million engaged users refer to app users, and downloads on Google Play had surpassed 100 million.

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