the government need safe crypto with KYC. not like btc take transaction from 30min -24h. government needs a legal crypto for future not for trade and don’t post idiot post about Pi

Pi Network, a cryptocurrency project promising an accessible, mobile-first mining experience, has captivated millions worldwide. But beneath its appealing "mine crypto on your phone" pitch, controversy brews. With critics labeling it a pyramid scheme and even top crypto executives calling it a scam, is Pi Network the future of digital money—or just another cleverly disguised fraud?
The Bybit CEO Calls Out Pi Network
The most damning accusation against Pi Network came from Ben Zhou, CEO of Bybit, one of the world’s leading crypto exchanges. In February 2025, Zhou openly called Pi Network a scam, referencing a 2023 warning from Chinese authorities. The report claimed that Pi Network was being used to target elderly individuals, leading to lost pensions and stolen personal data.
Zhou made his stance clear:

"Yes, I still think you are a scam, and no, Bybit will not list scam."
The reaction was swift. Pi Network supporters called his statement misinformation, arguing that the police warning referred to fraudsters impersonating Pi Network, not the project itself. Pi Network’s team quickly denied any wrongdoing, stating:
"Pi Network is not affiliated with, did not authorize, and did not engage in any activity related to the police warning."
But the controversy didn’t stop there.
A Pyramid Scheme in Disguise?
Many critics believe Pi Network operates like a pyramid scheme. Here’s why:
Referral-Based Growth – Users earn more Pi by inviting others to join, a classic hallmark of multi-level marketing (MLM) structures. The more people you recruit, the more rewards you get.No Real-World Utility – Despite its massive user base, Pi has yet to provide any real use case or tangible value beyond being mined on an app.Locked-Up Tokens – Pi Network incentivizes users to lock their tokens for long periods in exchange for higher mining rates. This is similar to projects like Hex, whose founder faced legal action for defrauding investors.No Open Mainnet – Years after launching, Pi’s blockchain remains closed, preventing users from withdrawing their coins freely. Unlike Bitcoin or Ethereum, which are fully decentralized, Pi Network still controls its entire ecosystem.
Sounds familiar? That’s because many failed crypto projects have followed the same playbook before collapsing.
The Price Surge & Collapse
Despite the controversy, trading for Pi Network IOUs (a token that represents future PI coins) went live on several exchanges. The price action? A rollercoaster.
Pi launched on OKX at $0.67,Surged to $2,Then crashed by 65% in days, stabilizing around $0.69.
This extreme volatility raised concerns:
If Pi Network’s real tokens aren’t tradeable, then what exactly are people buying?Who controls this supply and demand?Could this be an engineered pump-and-dump?
Some crypto exchanges, like OKX, Bitget, and Gate.io, still list PI trading pairs, pulling in millions in trading volume. However, Bybit and Binance have kept their distance, wary of potential legal and reputational risks.
The Never-Ending Mainnet Delay
Pi Network was launched in 2019, yet five years later, it still hasn't fully opened its mainnet. The project remains in what it calls a "Closed Mainnet" phase, restricting transactions to its internal ecosystem.
According to Pi Network, the delay is due to:
KYC (Know Your Customer) Verification – The team claims they are working to verify millions of users to prevent fake accounts from manipulating the system.Ecosystem Development – They say they are building utility for Pi coins before allowing free trading.Security Enhancements – The project insists it is taking a slow and steady approach to ensure stability.While these explanations sound reasonable, critics argue that the real reason for the delay is to keep users engaged without allowing them to cash out. This prevents a massive sell-off that could crash the token’s value.
After all, if people can't sell their Pi, does it really have value?
What If Pi Network Fails?
If Pi Network never opens its mainnet or fails to achieve true decentralization, the consequences could be severe:
Millions of users would be left with worthless digital coins they can't trade.Legal scrutiny could increase, as regulators might label it an unregistered security or pyramid scheme.Trust in future mobile mining projects would be damaged, making innovation in this space harder.
However, if Pi Network does succeed in launching an open mainnet, gaining exchange listings, and developing a real-world economy, it could prove its critics wrong. The project’s loyal supporters believe that patience will reward early adopters with a revolutionary new cryptocurrency.
Should You Trust Pi Network?
At this point, Pi Network is a high-risk project with an uncertain future. If you're already mining Pi, it's best to stay informed and cautious. If you're considering investing in Pi once it's listed on exchanges, remember:
✔️ Do your own research (DYOR) – Don't trust hype or rumors.
✔️ Be skeptical of “get rich quick” narratives – If something sounds too good to be true, it probably is.
✔️ Watch for regulatory updates – Governments are cracking down on crypto projects with unclear legal structures.
For now, Pi Network remains a mystery—a potential breakthrough or a looming disaster.
Will it revolutionize crypto? Or will it be another cautionary tale? The answer may come sooner than we think. $ETH