The Pi Network team responded to allegations from Bybit exchange CEO Ben Zhou, who called the application a scam, in a comment to Cointelegraph.
The issue arose from a post on an X-account titled “unofficial Pi Network tech team,” which claimed the platform rejected a listing offer from Bybit, which is “losing market position.”
Zhou refuted this claim and labeled the project as “fraudulent.” He referred to a 2023 warning from Chinese police about fraudsters allegedly linked to Pi Network.
1. Here is a official police warning of $Pi from Chinese police back in 2023 warning to the public that it’s a scam targeted towards elderly folks https://t.co/LaGJqXSOXR which leaks their personal data and loss of their pension. There are multiple other reports out there… https://t.co/gkEu2wZwfo
— Ben Zhou (@benbybit) February 20, 2025
A representative of the application denies any connection to the report. According to him, the document pertains to fraudsters impersonating the project.
Pi Network confirmed that the team has no relations with Bybit or its management. The company also stated that provocations originated from an account not affiliated with the project.
Pi Network also addressed criticism regarding its user base. Representatives stated that 60 million active participants are the real audience of the application, and the total number of downloads on Google Play exceeds 100 million.
They emphasized that the blockchain explorer figures of 10.8 million wallets only reflect the number of users who have completed verification and created a wallet.
Back in 2021, Vietnamese authorities launched an investigation into the project due to the alleged “leak” of user information online.