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The Pi Network is facing increasingly strict scrutiny. Bybit CEO Ben Zhou and the Chinese authorities are particularly so. Specifically, Zhou publicly condemned the network as a scam. To support this stance, he stated that Bybit will not list its token.
His reason is concern over its authenticity. The Chinese government has also issued a warning about the project, further increasing the pressure. This official warning has raised questions about its authenticity, as the risks associated with the protocol are seen as particularly important for the elderly.
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China has officially warned of the emergence of Pi Network in 2023
In 2023, the Hengyang City Public Security Bureau in China issued a public warning about the Pi Network.
The Chinese government directly labeled blockchain as a scam in the warning. Crucially, the warning pointed out the risk of personal data leakage and emphasized the potential financial losses, such as the loss of elderly people's pensions.
Industry skepticism is mounting: Bybit CEO denies listing rumors
Mr. Zhou directly responded to the rumors, denying the allegations that Pi Network was rejected by Bybit for listing, and explained that he had never made a listing request. Instead, he clarified that he had never made a listing request. He also accused the Pi Network team of failing to address serious credibility issues.
In contrast to Bybit's stance, some exchanges (such as OKX and Bitget) have chosen to list the Pi token. However, despite these exchanges listing it, the majority of the crypto industry remains cautious about Pi Network. The lack of transparency of Pi Network has raised concerns about its operations, especially after Zhou's statement.
Many in the crypto community have called for exchanges to investigate when considering listing tokens like Pi, and some have appreciated Bybit's cautious approach, reflecting the industry's sentiment.
However, some investors have also expressed frustration with the lack of customer support from the Pi Network, sharing stories of losing tokens and failing to reach out to the team for help.
Pi Network price plunges after first surge following mainnet launch
After the mainnet launch on February 20, the price of Pi Network saw a significant increase, specifically rising by $1.99, a 36% gain.
However, this positive momentum was short-lived, as the price quickly dropped by more than 50%. Within just a few hours, the price fell to a low of $0.9123.
At the time of writing, the trading price of the Pi token is $0.7369, a 56.64% decline.
Despite the significant price drop, surprisingly, the token's market capitalization still stands at $4.72 billion. The trading volume over the past day has reached $1.25 billion, further adding to the market's dynamism.
