Pi Network Under Fire: CEO Calls It a Scam, China Warns Elderly

The Pi Network, a decentralized blockchain project, has recently come under fire from various quarters, with Bybit CEO Ben Zhou labeling it a scam and Chinese authorities issuing warnings about its potential risks.

Bybit CEO Ben Zhou has publicly condemned the Pi Network, stating that his exchange will not list its token due to concerns about its authenticity. Zhou's stance is supported by the Chinese government, which has also issued a warning about the project, highlighting the risks it poses to elderly individuals.

In 2023, the Hengyang Public Security Bureau in China had already issued a public warning about the Pi Network, labeling it a scam and pointing out the risk of personal data leaks and potential financial losses for elderly individuals.

Industry skepticism towards the Pi Network has grown, with some exchanges like OKX and Bitget choosing to list the Pi token, while others remain wary. The lack of transparency surrounding the Pi Network has sparked concerns about its operations, particularly after Zhou's statements.

Following its mainnet launch on February 20, the Pi Network experienced an initial price surge, with a rise of $1.99, an increase of 36%. However, this positive momentum was short-lived, as the price quickly dropped by over 50% and reached as low as $0.9123. At the time of writing, the Pi token was trading at $0.7369, with a 56.64% decline. Despite this significant price drop, the token's market cap still stands at $4.72 billion, with a trading volume of $1.25 billion over the past day.