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Date: Sat, February 22, 2025 | 03:25 AM GMT
Pi Network (PI) has finally addressed the controversy surrounding its legitimacy after facing allegations from Bybit CEO Ben Zhou. The project's long-awaited mainnet launch was successfully completed on Thursday, but the celebration was short-lived as PI Coin's value plunged over 50% following its listing.The sharp decline appears to be driven by early adopters, known as "pioneers," cashing in on their years of mining efforts. However, the negative sentiment was further fueled by Zhou’s accusations, which cast a shadow over Pi Network's credibility.
Bybit CEO’s Allegations
Pi Network came under negativity when Bybit CEO Ben Zhou publicly labeled the project a scam on February 20. His tweet, which went viral, confirmed that Bybit would not be listing PI Coin. Zhou further backed his claims by sharing reports from China’s Hengyang Public Security Bureau, which had previously issued warnings about Pi Network in 2023.

Source: @benbybit (X)
The bureau’s concerns centered around two major risks:
Personal Data Leaks – Authorities warned that user data could be compromised.Financial Risks for Elderly Investors – The report suggested that Pi Network’s model could potentially exploit older, less tech-savvy individuals.
Pi Network Responds – ‘We Are Legitimate’
Amid the growing controversy, Pi Network finally broke its silence today, responding to the allegations in a public statement shared on X (formerly Twitter).

Source: @PiCoreTeam (X)
The team addressed multiple points of misinformation, making their stance clear:
No Ties to Bybit or Ben Zhou – Pi Network emphasized that it has no affiliation with Bybit or its CEO. The platform has never engaged in Know Your Business (KYB) verification for Bybit.Clarification on Chinese Police Warning – The company stated that the local police warning was not directed at Pi Network itself but rather at bad actors falsely claiming to be associated with the project. Pi Network was never contacted by Chinese authorities regarding the issue.Condemnation of Impersonators – Pi Network distanced itself from individuals who attacked Ben Zhou on social media, reiterating that neither the company nor its team members have ever commented on Bybit or its CEO.Defending Pi Network’s Legitimacy – The team reaffirmed that Pi Network has been in development for over six years and has built a community of 60 million+ engaged users. They remain committed to launching a fully developed, secure ecosystem.
What’s Next for Pi Network?
Despite the ongoing backlash, Pi Network remains focused on its roadmap and expanding its ecosystem. However, the price volatility following its mainnet launch suggests that pioneers’ sell-offs may continue to impact PI Coin in the short term.
While some remain skeptical, Pi Network’s firm response against the allegations indicates that the project is not backing down. Whether this will be enough to restore investor confidence remains to be seen.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before investing in cryptocurrencies.