Bybit CEO Reaffirms Stance: Pi Network is a Scam

Bybit’s CEO, Ben Zhou, has once again reiterated his firm stance against Pi Network, labeling the project as a scam and ensuring that Bybit will never list the PI token.

In a post on X on Thursday (Feb 20, 2025), Zhou highlighted a 2023 warning from Chinese law enforcement, which classified Pi Network as a fraudulent scheme. He also referenced an official warning from the Hengyang government in 2021, stating that Pi Network targeted the elderly in its operations.

Furthermore, reports indicate that the Chinese government had warned about Pi Network’s alleged plans to misuse public personal data to accumulate pension funds.

Bybit Confirms It Will Not List PI

Reaffirming his position, Zhou emphasized that Bybit will not support any token labeled as a scam and clarified that the exchange never applied to list PI.

Previously, Zhou had denied rumors that Bybit might list the PI token, stressing that he had no intention of supporting a fraudulent asset.

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

— Ben Zhou (@benbybit) February 20, 2025

"When I used to trade forex, I often encountered middle-aged individuals asking for their money back after being scammed. I don’t want to see the same thing happen in crypto, so I’m keeping my distance. Thank you," he wrote.

Pi Network and the Controversy Surrounding It

Pi Network is a blockchain-based project designed to simplify cryptocurrency mining using mobile devices. Unlike Bitcoin, which requires high-powered computing systems, Pi Coin can be mined via a mobile app without significantly draining battery life.

The project was developed by Stanford graduates Nicolas Kokkalis and Dr. Chengdiao Fan, and officially launched its mainnet on February 20, 2025, after years of development.

今天一堆人问我要不要上pi，我说别他妈逗逼了，我以前做外汇成天被大妈大爷拉横幅还我血汗钱，做币圈就是真的不想整这出了。。。敬而远之。。谢谢。 https://t.co/mdCApmciE4

— Ben Zhou (@benbybit) February 12, 2025

Several major exchanges, including Bitget, OKX, MEXC, and HTX, quickly supported Pi Network’s native token, Pi Coin. Meanwhile, Binance announced a community vote to determine whether the token should be listed on its platform.

As of this article’s publication, CoinGecko data shows that PI is trading around $0.6, marking a 60% decline since its initial launch, after previously reaching $2.

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