The initial results of Pi Network (PI) token’s listing on centralized exchanges have disappointed investors, with Bybit co-founder and CEO Ben Zhou labeling the project a scam.
Launched in 2019, the Pi Network app allows users to mine PI on mobile devices.
On February 20, 2025, the team launched the Open Network mainnet. Several CEX, including OKX, Bitget, MEXC, and Gate.io, added support for the project’s token.
In the past 24 hours, the asset has depreciated by approximately 50% and is trading around $0.66 (CoinGecko).
Crypto analyst Kim Wong acknowledged that PI trading results are “disappointing,” as is the absence of major investors.
Trading in Pi is disappointing as pioneers keep selling and buy orders are small ( highest 1K Pi, on average a few hundred Pi). No big capital is insight. However, this can also be look at as positive, as sellers exhausted, and buyers jump in, price should go back up again. No… pic.twitter.com/Gk7VBTSBNn
— Kim H Wong (@Time_and_Trade) February 20, 2025
“Pioneers keep selling, and buy orders are small (on average a few hundred PI, maximum — 1000),” he stated.
Nevertheless, the expert called the mainnet launch a significant milestone and expressed confidence in the arrival of major capital as “the network’s strength is understood.”
Don’t say pioneers. I’m a first 50 miner to PI. Thank the newbies who came in the last year and bought supply off of others. Most of us have locked our supply up for 3 years.
— Rudes Crypto Lounge Official (@RudesLounge) February 20, 2025
“Don’t say pioneers. I’m one of the first 50 miners. Thank the newbies who came in the last year and bought supply off of others. Most of us have locked our supply up for three years,” one user responded to Wong.
Some have questioned the fairness of token distribution and the team’s decision to list PI on exchanges.
You guys are FOOOLS. The Founders had 20B coins set aside for themselves correct? They are billionaires and you are what? The Only WINNERS are the FOUNDERS. Just like everyday life nothing changes at the TOP.
— T23_CEO (@Duoduo302) February 20, 2025
“You guys are fools. The founders had 20 billion coins set aside for themselves, correct? They are billionaires, and you are what? The only winners are the founders. Just like everyday life, nothing changes at the top,” wrote streamer T23_CEO.
A project supporter with the pseudonym Dr Picoin noted that pioneers have reasons to be dissatisfied with the token’s price after the listing. Their participation in mining over the past six years loses significance, as anyone can now purchase PI on CEX at an accessible price, the user believes.
Meanwhile, Bybit CEO Ben Zhou explained the absence of PI in the exchange’s listing by stating that he considers the project fraudulent.
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
He referred to an official warning from Chinese police regarding Pi Network back in 2023 and several other reports. Chinese authorities indicated that the scam targets elderly individuals and is linked to personal data leaks and loss of funds.
In 2021, Vietnamese authorities launched an investigation into the project due to the alleged “leak” of user information online.
In February 2025, prior to PI’s listing, AIMultiple experts updated their research on Pi Network. They confirmed conclusions that the platform exhibits characteristics of a multi-level marketing scheme.
“We do not expect anyone other than the founders to gain significant benefit from PI Network,” their article states.
According to a preliminary estimate, in 2024, losses from fraud in the crypto industry amounted to $9.9 billion, as reported by Chainalysis.