Bybit CEO Accuses Pi Network of Fraudulent Activities; Pi Network Offers Rebuttal
In a recent statement, the Pi Network team addressed accusations made by Bybit CEO Ben Zhou, who labeled their app as a scam, via a response to Cointelegraph.
This controversy sparked after a post from an X account, known as the "Unofficial Technical Team of Pi Network," claimed that the platform rejected a listing offer from Bybit. They alleged that the exchange was "losing market position."
However, Zhou refuted this claim and asserted the project as fraudulent, referencing a 2023 warning from Chinese police about alleged scammers connected to Pi Network.
In response to this, a Pi Network representative denied any connection to the report, asserting that it pointed towards impostors mimicking the project. Furthermore, the development team clarified that they have no ties with Bybit or its management.
The provocations were instigated from an account not affiliated with the project. The Pi Network team also addressed criticism regarding their user base, emphasizing that the reported 60 million active participants represent a substantial audience. Interestingly, total downloads on Google Play have surpassed 100 million.
Moreover, the developers pointed out that the 10.8 million wallets recorded by the blockchain explorer only account for users who have completed verification and created wallets.
Previously, in 2021, Vietnamese authorities investigated the project due to alleged user data leaks online. It's worth noting that Pi Network officially denounced any involvement in the fraudulent activities mentioned in the Chinese police warning and has distanced itself from Bybit's allegations.
For the record, in 2023, Chinese police issued a warning about scammers targeting the elderly, misusing the Pi Network name, and deceiving them. Leaks of personal data reportedly occurred, resulting in losses of pension funds. Multiple other reports claim similar incidents.
However, following this incident, Pi Network has maintained that it is not linked to any fraudulent activities and has sought to clarify its position.
Sources:[1] Pi Network statement to Cointelegraph[2] Bybit CEO statement on Pi Network (Twitter)[3] Official Chinese police warning about Pi Network (link)[4] Second report about Pi Network and user data leaks (link)
Finance professionals may question the legitimacy of Pi Network, given the allegations by Bybit CEO Ben Zhou and the 2023 Chinese police warning about scammers using the platform's name. In the realm of general-news and crime-and-justice, discussions about Pi Network's involvement in fraudulent activities continue, particularly in relation to the reported data leaks and potential losses of pension funds. On the other hand, the technology industry has acknowledged the impressive user base of Pi Network, with over 60 million active participants and more than 100 million downloads on Google Play.
