Pi Network Fights Back: 20% Price Surge After CEO's 'Scam' Label

The Pi Network, a decentralized cryptocurrency project, has found itself in the spotlight following recent comments from Bybit CEO Ben Zhou, who labeled Pi Coin a "big scam." However, the Pi Network has since stepped forward to clear the air, leading to a 20% surge in Pi Coin's price.

Bybit CEO Ben Zhou recently pointed to a 2023 warning from Chinese police that linked the Pi Network to fraudulent activities. The warning alleged that the Pi Network targeted elderly people, collected their data, and caused financial losses, including their pensions. Zhou also denied claims that Bybit had not asked to list Pi Coin or that Pi Network had refused Bybit's request.

In response to these allegations, the Pi Network team clarified their position. They explained that a local police department in China had issued a warning about scammers pretending to be part of the Pi Network project. The team emphasized that they had no connection to these bad actors and were never contacted by the police about this issue. They also strongly dismissed any fraudulent activities done in their name.

The Pi Network team also confirmed that they have no relationship with Bybit or Ben Zhou and have not been asked to verify Bybit's business in any way. The Pi Network has been in development for six years and has built a strong community of over 60 million users. The team took their time to create a solid project before launching fully.

Following the 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. Pi Coin has experienced significant volatility since its mainnet launch, starting at $1.50 and quickly dropping by 55% to around $0.70. However, it has since shown some recovery, currently trading at approximately $0.77, reflecting a 14% increase from its recent low.