Pi Network Clears the Air After Bybit CEO Calls It a Scam, Pi Coin Rises by 20%

The post Pi Network Clears the Air After Bybit CEO Calls It a Scam, Pi Coin Rises by 20% appeared first on Coinpedia Fintech News

Pi Network has been in the spotlight after its mainnet launch and recent comments from Bybit 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.

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.