Pi Network Is a Scam, Claims Bybit CEO Amid Controversy

Pi Network’s record-breaking airdrop has reignited controversy, with Bybit CEO Ben Zhou drawing attention to past warnings from Chinese authorities labeling the project a scam.

While Pi enthusiasts celebrate the long-awaited mainnet launch and its massive $12.6 billion token distribution, critics remain vocal.

Zhou resurfaced a 2023 statement from China’s law enforcement, which accused Pi Network of operating like a pyramid scheme, preying on unsuspecting users—particularly the elderly. The warning described deceptive tactics, including misleading claims of free mining through a mobile app, aggressive recruitment incentives, and even selling personal data.

Bybit has firmly refused to list Pi, and Zhou made it clear that his skepticism is personal as well as professional. His response came after Pi supporters mocked him online, prompting him to double down on his view that the project lacks legitimacy.

Other exchanges have also faced scrutiny over potential Pi listings. When OKX suggested it might add the token, users quickly pointed out that such a move could provoke backlash from Chinese regulators. Meanwhile, Binance launched a community vote on the issue, with a majority supporting the listing, though opposition remains strong.

Critics worry that Pi Network’s reputation could influence China’s evolving stance on crypto, potentially stalling any progress in regulatory openness. Despite these concerns, Pi maintains a loyal following, and while Bybit refuses to engage, other platforms continue to offer access to the token.