Pi Network Addresses Scam Allegations from bybit CEO 🚨
Pi Network has officially responded to allegations made by Bybit CEO Ben Zhou, who labeled the project a "scam" based on a 2023 Chinese police warning. coindesk.com
Key Points from Pi Network's Response:
Clarification on Police Warning: Pi Network stated that the police warning cited by Zhou targeted individuals impersonating Pi Network, not the project itself. They emphasized no affiliation with these bad actors and confirmed no contact from Chinese authorities regarding the incident.
No Relationship with Bybit: The company denied any association with Bybit or its CEO and confirmed that Bybit had not requested any official verification processes from Pi Network.
User Base Transparency: Addressing skepticism about its user base, Pi Network highlighted that it has over 60 million engaged users and more than 100 million downloads on the Google Play Store.
Market Reaction:
Following the allegations, Pi Network's token (PI) experienced volatility, dropping from a high of $1.84 to a low of $0.61 on February 20. However, it rebounded, reaching a new high of $2.99 on February 26.
Stay Informed:
As the situation develops, it's crucial for the crypto community to stay updated and exercise due diligence when engaging with emerging projects.
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