Ben Zhou, the founder and CEO of the cryptocurrency exchange Bybit, affirmed that Pi Network is not transparent and shows signs of being a Ponzi scheme. He believes that this project is targeting people who lack understanding of cryptocurrencies, making them have overly high expectations, unlike the explosion of meme coins.

"Many people have asked us whether we will list the Pi Bit on Bybit. We don't interact much with this project, but we have also conducted basic assessments," Ben Zhou shared with VnExpress on March 6.

Zhou affirmed that transparency is an important factor in the cryptocurrency industry, especially after Bybit overcame a historic hack at the end of February with losses of up to 1.5 Billion USD. Experts determined that the Lazarus hacker group had attacked the third-party Multisignature wallet system Safe. Thanks to transparency and a commitment to protecting users, Bybit has maintained the trust of the community.

However, he does not see this in Pi Network. "You can't find anyone behind the project. They mention some individuals at Stanford, but they have never appeared publicly or explained the project," Ben Zhou said. He also challenged the Pi Network team to organize a public livestream to clarify information, instead of criticizing individuals like him and Bybit.

Ben Zhou questioned the real value of Pi Network when they continuously miss launch deadlines. "They advertise that you just need to click a Bit to earn money, but they don't explain how it works. Many people haven't received anything, while their personal information is constantly being leaked," Zhou commented. He believes this model resembles a Ponzi scheme, where later participants pay money to earlier ones.

According to him, Pi Network is even more dangerous than memecoins because it targets people who lack experience with cryptocurrencies. In contrast, meme coin players understand the risks and take responsibility for their own decisions.

On February 13, Ben Zhou first confirmed that Bybit will not list Pi. He recalled being previously asked by elderly people to refund their losses after investing. Shortly after, Zhou was criticized on social media, with some people declaring that Bybit "does not meet the standards" to be accepted by the Pi Network.

With a firm stance, the Bybit CEO affirmed that they will not compromise with projects lacking transparency. "We only list Bits that have a clear and transparent foundation with the community," he emphasized.