Bybit CEO Warns Against Pi Network

Bybit CEO Ben Zhou shared a 2023 warning from China’s law enforcement, labeling Pi Network a scam. Despite Pi’s massive airdrop, it faces strong opposition.

The warning used strong language, describing Pi as a “pyramid scheme” that exploits the elderly. Should the project fail, it may affect China’s cryptocurrency regulations.

Bybit’s Stance on Listing Pi

Pi Network, a notable blockchain venture, launched its mainnet today, achieving the largest airdrop in crypto history with $12.6 billion in tokens distributed.

However, its critics remain vocal. Zhou shared a warning from Chinese law enforcement that highlighted:
> “Many criminals use Pi to claim they can mine for free by simply downloading an app. They target the elderly, promising ‘recommend rebates’ by creating downlines, selling personal user information, and defrauding them of their pensions.”

Zhou shared this warning to emphasize the skepticism China holds towards Pi Network, reinforcing Bybit’s decision not to list the token.

In response to mocking from Pi supporters, Zhou stood firm, asserting his belief that Pi is indeed a scam.

Bybit is not alone in this scrutiny. When OKX suggested a potential listing of Pi, users warned against it due to potential backlash from China. Similar discussions arose when Binance held a community vote regarding listing Pi.

While the Binance community mostly supports the listing, significant opposition persists. Pi Network may have substantial momentum but contends with dedicated critics.

Implications for China’s Crypto Stance

One primary concern regarding Pi Network is its potential impact on China’s approach to the crypto market. The 2023 warning characterized the project as a pyramid scheme that preys on the elderly, using consistently harsh language toward its promoters.

Although China appears to be softening its stance on crypto, a major scandal could derail that progress.

Despite intense opposition, Pi Network has committed advocates. Although Bybit has no interest in listing it, there are multiple platforms where it can be purchased.

Pi debuted today at around $1.24 but has since dropped almost 50%.