In response to strong accusations made by Bybit CEO Ben Zhou, the Pi Network team has issued a statement refuting claims of fraud. Zhou described Pi Network as “a major fraud,” referencing a warning from Chinese authorities, which alleged that the network was engaged in fraudulent practices. Following these remarks, Pi Coin’s value experienced a substantial increase of 20%, reaching $0.77.
What Claims Did Ben Zhou Make Against Pi Network?
Zhou expressed serious doubts about the legitimacy of Pi Network, pointing to a police warning from 2023 that accused the platform of targeting vulnerable individuals and exploiting their personal information.
How Did Pi Network Respond to the Allegations?
The Pi Network team clarified that the fraud warning was misinterpreted and actually pertained to fake projects impersonating their brand. They assured that their platform has no affiliation with these scams and has not faced any formal accusations from law enforcement.
Key points from the Pi Network’s response include:
- The police warning was mischaracterized and aimed at imposters using their name.
- There are no official ties between Pi Network and Bybit.
- Pi Network has been developing for six years and enjoys a solid community backing.
Subsequent to Zhou’s comments, Pi Coin’s price initially plummeted by 50% but rebounded dramatically after the clarification. Presently, it stands at $0.77, reflecting a 14% recovery. The altcoin, which launched at $1.50, has displayed significant price volatility since its inception.
