- Bybit CEO Ben Zhou cited a 2023 Chinese police warning accusing Pi Network of fraud, causing a significant price drop.
- Pi Network clarified the warning was aimed at impersonators and stressed no ties with Bybit or its CEO.
- Despite a steep decline, PI Coin recovered by 20% to about $0.77, with the project focused on further development.
Pi Network recently addressed controversy over its legitimacy following accusations by Bybit CEO Ben Zhou. Zhou cited a 2023 warning from Chinese police. He claimed it was involved in fraud, targeting early investors and compromising user data. These comments caused PI Coin’s value to drop by more than 50% as early adopters sold their holdings after the mainnet launch.
Pi Network Controversy and Clarification
In response, Pi Network released a public statement on X. The team said the Chinese police warning was aimed at bad actors impersonating the project—not at Pi Network itself. They stated that Chinese authorities have never contacted them about any fraud. The team also stressed they are not affiliated with Bybit or its CEO. They confirmed they did not participate in the exchange’s Know Your Business verification.
Despite the negative sentiment from Zhou’s viral tweet which also confirmed that Bybit would not list PI Coin remains committed to its long-term plan.
Market reaction
The project has been in development for over six years and now has more than 60 million active users. After the clarification, PI Coin’s price recovered by 20% and now trades around $0.77. This price is still below its initial mainnet level but shows signs of recovery.
Early adopter sell-offs continue to affect the market, and volatility remains high. However, Pi Network’s response shows its determination to move forward. The project plans to further develop its ecosystem and work on restoring investor confidence. The market will soon assess the updated facts as Pi Network continues its progress.
