Pi Network faced controversy recently due to accusations from Bybit CEO Ben Zhou. Zhou claimed that a warning from Chinese police in 2023 indicated Pi Network was involved in fraud.
He alleged that the project targeted early investors and compromised user data. As a result, the value of PI Coin dropped by over 50%. Many early adopters sold their holdings after the mainnet launch.
In response to these claims, Pi Network issued a public statement on X. They clarified that the warning from Chinese police was directed at fraudsters impersonating the project, not at Pi Network itself.
The team emphasized that they had never been contacted by Chinese authorities regarding any fraud. They also stated that they are not connected to Bybit or its CEO and did not take part in Bybit’s Know Your Business verification process.
Despite the negative impact of Zhou’s tweet, which confirmed that Bybit would not list PI Coin, Pi Network remains focused on its long-term goals. The project has been in development for over six years and has more than 60 million active users.
Following the clarification, the price of PI Coin recovered by 20%, trading around $0.77. Although this price is still lower than its initial mainnet level, it indicates a potential recovery.
