Breaking News: Pi Network Addresses Controversy
In a surprising turn of events, Pi Network has responded to serious allegations made by Bybit CEO Ben Zhou. The response came shortly after Zhou shared concerns about the project on social media. This development follows the recent launch of Pi Network's Open Network and its listing on several major cryptocurrency exchanges.
What Started the Controversy?
Ben Zhou, who leads the major cryptocurrency exchange Bybit, raised concerns about Pi Network in two recent social media posts. His comments (by chance) came at a difficult time for Bybit, which experienced a massive significant security breach on February 21st. Zhou’s post pointed to what he claimed was a Chinese police warning about Pi Network and said that he believes the project is a scam.
Pi Network's Official Response
Addressing the Chinese Police Report
Pi Network quickly clarified that the police report Zhou mentioned was actually about scammers trying to impersonate Pi Network. The project stated it has never been contacted by Chinese authorities about any issues and strongly spoke out against anyone trying to trick people by pretending to be Pi Network or an affiliate.
Relationship with Bybit
Pi Network made several important points about its relationship with Bybit:
They have no connection with Zhou or Bybit
Unlike exchanges such as OKX and Bitget, Bybit has not asked Pi Network to complete their Know Your Business (KYB) process
The social media post attacking Bybit (that Zhou responded to) came from someone not connected to Pi Network
The project does not support anyone making negative comments about Bybit or Zhou
Is Pi Network a Scam?
To counter claims about being a scam, Pi Network highlighted several key facts in its post:
The project has been running for six years
They have built a community of more than 60 million users
Like other successful projects, they face challenges with scammers trying to copy them
They can only do so much to stop these bad actors
New Safety Guidelines Released
Pi Network also published a new safety post to help users stay safe, seemingly in response to the recent allegations. The post includes:
A list of official Pi Network communication channels
Warnings about unofficial platforms
Confirmation that the project has sought legal advice is dealing with scammers
Clear guidelines for identifying legitimate Pi Network communications.
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