Pi Network Fires Back: Clearing The Air On Bybit CEO’s Scam Allegations

 


In February 2025, Pi Network found itself at the center of controversy following allegations from Bybit CEO Ben Zhou, who labeled the project a scam. Zhou's assertions were based on a Chinese police report, which he claimed implicated Pi Network in fraudulent activities. In response, Pi Network issued an official statement to clarify the situation and address the concerns raised.


Clarifying the Chinese Police Report

Pi Network emphasized that the Chinese police report referenced by Zhou targeted individuals impersonating Pi Network, not the organization itself. The company stated it had not been contacted by Chinese authorities regarding any fraudulent activities and condemned the actions of those misusing its name to deceive others. 


No Affiliation with Bybit

Addressing claims of a connection with Bybit, Pi Network asserted it has no ties to the exchange or its CEO, Ben Zhou. The company highlighted that, unlike other exchanges, Bybit had not requested Pi Network to complete a Know Your Business (KYB) verification process. Furthermore, Pi Network disapproved of any negative remarks directed at Bybit or Zhou by unaffiliated individuals, reaffirming its commitment to professional conduct. 


Commitment to User Safety

In light of the controversy, Pi Network released updated safety guidelines to help users identify official communication channels and avoid falling victim to scams. The company reiterated its dedication to protecting its community from fraudulent actors and maintaining transparency in its operations. 


A Six-Year Journey of Growth

Since its inception, Pi Network has grown to encompass a community of over 60 million users worldwide. The project has consistently focused on deliberate and cautious development to ensure a secure and robust ecosystem. While acknowledging the challenges posed by impersonators, Pi Network remains steadfast in its mission to provide a legitimate and innovative blockchain platform. 


Looking Forward

Despite the recent allegations, Pi Network continues to advance its project, emphasizing transparency and user security. The company's prompt and comprehensive response to the controversy underscores its commitment to addressing concerns and fostering trust within the cryptocurrency community.

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