Bybit CEO Calls Pi Network a Scam, Citing Chinese Police Report

Bybit CEO Ben Zhou dismissed the Pi Network as a scam, clarifying that the exchange had no intention of listing the PI token. His remarks come amid growing interest in the project, fueling further skepticism about its legitimacy.

Following these developments, the PI token’s price dropped over 50% in a single day, raising concerns about its stability. Once a widely discussed digital asset, its sharp decline has cast doubt on its long-term potential.

Zhou Calls PI a Scam

In a post on X (formerly Twitter), Zhou reaffirmed his stance against Pi Network, expressing his belief that it is a scam and emphasizing that Bybit will not list it. He referenced a 2023 advisory from the People’s Government of Hengyang, which labeled Pi Network a fraudulent scheme that primarily targets elderly individuals.

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

According to the warning, scammers exploit users by offering free tokens and incentives. They encourage individuals to install the Pi Network app while misusing their data to gather pension funds.

Zhou pointed to this government alert as justification for Bybit’s decision to avoid listing the token. Unlike OKX and Bitget, which have already included PI trading pairs, Bybit remains firm in its rejection. Even Binance has begun gauging community interest by organizing a vote on whether to add Pi Network to its platform.

Fake PI Listings on DEXs

Meanwhile, Pi Network has warned users about counterfeit PI trading pairs appearing on decentralized exchanges (DEXs). The project cautioned against interacting with these fraudulent listings in a public statement, emphasizing the risks involved.

“It is important to note that Pi trading pairs currently listed on all DEXs are fraudulent and are likely to be part of a scam which results in loss to you. Pi Network strongly recommends that you refrain from participating in any current DEX trading pairs,” the project’s official account posted on X.