Pi Network, a blockchain project that allows users to mine cryptocurrency via mobile phones, saw its native token lose over 65% of its value shortly after the highly anticipated launch of its “Open Network” on February 20. The official rollout of the network marked a significant milestone for the project, as it opened access to centralized exchanges and businesses outside its ecosystem.
The launch brought immediate attention to the PI token, which was listed on multiple crypto trading platforms, including Bitget, OKX, and MEXC. Despite the initial excitement, the price of PI plummeted from $1.84 to just $0.64 at the time of writing.
Bybit Refuses to List PI Token, Accuses the Network of Scam
While several exchanges listed the cryptocurrency, one major platform, Bybit, opted to take a stand against the token. Bybit CEO Ben Zhou took to social media platform X (formerly Twitter), accusing Pi Network of being a scam. Zhou cited a warning from Chinese authorities in 2023, who had flagged the project as a scam targeting vulnerable elderly individuals.
Zhou called on the team to address concerns surrounding the legitimacy of the project. He also clarified that Bybit had never made a listing request for the cryptocurrencyand denied any claims that the exchange had failed to pass Know Your Business (KYB) requirements. He firmly stated that Bybit has no plans to list the token on its platform.
Controversy Surrounding Pi Network’s User Numbers and Decentralization Claims
Pi Network has made ambitious claims of having over 60 million users, but blockchain explorers reveal only 9.1 million active users on the network. The project also maintains that it is decentralized, but the network is still controlled by its core team. There are no signs of independent validators joining the network, raising further questions about its decentralized nature.
The combination of steep price drops, allegations of a scam, and doubts about the project’s transparency has put the network and its token under intense scrutiny from the crypto community.
