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Bybit CEO Ben Zhou Slams Pi Network as Token Crashes 60% After Mainnet Launch
Bybit’s CEO Ben Zhou has doubled down on his criticism of Pi Network, labeling the project a scam following its mainnet launch and subsequent crash in token value.
The backlash comes after Pi Network announced the launch of its mainnet, touting it as a milestone achievement. However, the token experienced a significant 60% drop in value over the past day, currently trading at $0.67.
Zhou took to his social media platform to express his strong disapproval of Pi Network’s operations and its treatment of investors. He pointed out that Chinese authorities had previously labeled Pi Network as a scam, citing instances where the project allegedly targeted vulnerable individuals, including the elderly, and compromised their personal data, resulting in financial losses.
In response to claims that Bybit failed to list Pi Coin due to a Know Your Business (KYB) check failure or refused an initial listing offer from the exchange, Zhou vehemently denied these accusations. He insisted that Bybit had no intention of listing fraudulent projects while encouraging Pi Network’s team to address the numerous reports questioning its legitimacy.
Zhou’s comments come as tensions between him and the Pi Network project escalate. Despite receiving backing from several major exchanges, including Bitget, OKX, and MEXC, Pi Coin has faced severe criticism for its mining model, which critics argue is unsustainable and riddled with flaws.
Source: cryptopotato.com
