Pi Network Clears the Air After Bybit CEO Calls It a Scam, Pi Coin Rises by 20%
PI Network has been attracting attention since its mainnet launch, and the latest comment from Bybit CEO Ben Zhou calls Pi Coin a big scam. Meanwhile, strong positions against such allegations PI network Recently, move forward and clear misunderstandings. Since then, the price of Pi Coin has risen 20% and is now hovering around $0.77.
Bybit CEO accusations
The recent controversy stems from Comments this weekHe pointed to a warning from Chinese police in 2023, calling PI Network a scam. Police said the PI network targets older people, collecting data and causing financial losses, including their pensions.
In addition, Zhou also denied his claims about BYBIT and PI networks. He said that Betbit did not ask for listing pi or pi rejection of Betbit
Pi Netowk dismissed all claims
In response to the allegation, PI Network explained that local police departments in China issued warnings that the scammers pretended to be part of the PI Network project.
However, the PI team made it clear that they had no contact with these bad actors and never had any contact with the police about the issue. They also strongly refuted any fraudulent activities carried out in their own name.
In addition, PI Network also said that they have no relationship with Bybit or Ben Zhou. They even confirmed that they were not required to verify Bybit’s business in any way.
PI Network has been in development for six years and has built a strong community of over 60 million users. The team explained that they spent some time creating a solid project before launching.
PI coins surge to 20%
The price of PI coins after the response of PI network See 20% recovery After initially dropping by 50% due to sales pressure, the comments from the Baybit CEO tagged it as a scam.
However, Pi Coin has experienced significant volatility since its release. It started trading for $1.50, but quickly dropped 55% to around $0.70.
Perhaps, some recovery has been shown since, and the current trading price is around $0.77, reflecting its recent lows up 14%.
