Pi Network’s PI token went live on Feb. 20. The team saw the day as a massive breakthrough. The rollout, nonetheless, triggered massive dump sales by initial adopters who sought to pocket their profits. The price of the token fell and in two days, annihilated $6 billion in market cap.
Pi traded for $1.60, having declined from its initial price of $2. Bybit CEO Ben Zhou followed the price decline and termed the project a scam. Zhou claimed to have been warned by Chinese police in 2023. He also negated reports of Pi declining to list on Bybit. He instead claimed that no application for listing by Bybit ever existed and no such scam project ever got listed by them.
Pi Network responds to allegations
Pi Network responded, affirming no association with any of the alleged scams. The team made sure to clarify that the police warnings were against individuals impersonating Pi’s association. The team made sure to clarify that officials in China did not approach and decry any impersonation acts.
Pi stated to have no association with either Bybit or Zhou. The project legitimized itself by referencing its six-year operating tenure and 60+ million registered users. The team attributed its systematic approach to ensuring a successful launch.
They acknowledged the threat of bad actors who were not affiliated but stayed clear of social media handles that harassed Zhou. Pi Network stood by its position of remaining quiet on Bybit and Zhou except for its official statement.
Despite the scandal, $PI is listed and operating on major exchanges, including MEXC, Bitget, and OKX. Binance and, rumor has it, Coinbase, following in their footsteps, have amplified the whispers. The market is now waiting to watch if and how Pi Network manages to regain investor confidence after its rocky beginnings.
