Overview

Bybit CEO Ben Zhou stated that the exchange will not be listing the PI token associated with the Pi Network. He referenced a Chinese police warning issued in 2023, which classifies the Pi Network as a scam targeting elderly individuals, with instances of personal data leaks leading to potential pension losses.

“There are multiple other reports out there questioning the project legitimacy,” Zhou posted on X. “Yes, I still think you are a scam, and no, Bybit will not list scam.”

Key Points

• The PI token has experienced a reduction of over 60% since its launch.
• The referral and token lock-up schemes closely resemble previous Ponzi schemes.
• On its launch, the PI token’s value peaked at $2 before plummeting.

Market Reaction

Despite warnings, exchanges like OKX and Bitget are facilitating significant trading volumes for PI, totaling $620 million across various platforms, according to CoinMarketCap.

Conclusion

The Pi Network did not respond to requests for comments regarding these allegations. Therefore, users are advised to remain cautious.