Pi Network told Cointelegraph that a Chinese police report was directed at malicious actors impersonating the project.
News
Pi Network has responded to a controversy triggered by a post from Bybit's CEO, Ben Zhou, who questioned the legitimacy of the project and accused it of being a scam.
On February 20, an X account describing itself as the 'unofficial technical team' of Pi Network claimed that the project had rejected a listing offer from the cryptocurrency exchange and that Bybit was 'losing its position' in the market.
In response to the provocation, Zhou accused Pi Network of being a 'scam,' citing a 2023 report from Chinese authorities warning users about a project targeting the elderly. 'Yes, I still think you are a scam, and no, Bybit will not list scams,' Zhou wrote in his post.
Zhou also claimed that Bybit had never submitted a listing request to Pi Network and challenged the project to prove its legitimacy by addressing previous reports that questioned its operations.
Bybit did not submit a listing request to Pi Network
In a statement to Cointelegraph, a spokesperson for Pi Network denied any relationship between the company and Bybit and confirmed that Bybit had not requested a Know Your Business (KYB) verification, in which external businesses are reviewed to ensure that transactions within the ecosystem occur between verified participants.
The spokesperson confirmed Zhou's statement, saying that Pi Network 'has not been requested to perform a KYB for Bybit.' The company also clarified that there is no relationship whatsoever between Pi Network, Bybit, or its CEO.