Pi Network (PI) Breaks Silence on Allegations – Says ‘We Are Legitimate’"

Pi Network (PI) Breaks Silence on Allegations – Says ‘We Are Legitimate’"

Pi Network Responds to Scam Allegations Following Bybit CEO’s Accusations

Pi Network (PI) has officially addressed allegations of illegitimacy after facing scrutiny from Bybit CEO Ben Zhou. The project celebrated its long-awaited mainnet launch on Thursday, but excitement quickly turned to concern as PI Coin's value plunged by over 50% following its listing.

The drastic decline appears to stem from early adopters, known as "pioneers," cashing in on their accumulated mining rewards. However, investor sentiment took a further hit after Zhou’s accusations, casting doubts over Pi Network’s credibility.

Bybit CEO’s Allegations

Pi Network came under intense criticism when Bybit CEO Ben Zhou publicly branded the project a scam on February 20. His viral tweet confirmed that Bybit would not list PI Coin, citing security concerns. Zhou supported his claim by referencing reports from China’s Hengyang Public Security Bureau, which had previously raised warnings about Pi Network in 2023.

Key Risks Highlighted by the Bureau:

• Personal Data Vulnerabilities – Authorities expressed concerns over potential user data leaks.

• Financial Risks for Elderly Investors – The model was flagged for possibly exploiting older, less tech-savvy individuals.

Pi Network Responds: ‘We Are Legitimate’

In response to the growing controversy, Pi Network issued a public statement on X (formerly Twitter), refuting the allegations and addressing misinformation.

Pi Network’s Clarifications:

• No Connection to Bybit or Ben Zhou – The team emphasized that Pi Network has never collaborated with Bybit and did not undergo Know Your Business (KYB) verification for the exchange.

• Misinterpretation of Chinese Police Warning – Pi Network clarified that the police warning was directed at bad actors falsely using its name, not at the project itself. The company was never directly contacted by Chinese authorities.

• Condemnation of Impersonators – Pi Network distanced itself from individuals attacking Ben Zhou online, reiterating that neither the company nor its core team members had made any statements about Bybit or its CEO.

• Commitment to Legitimacy – The team reaffirmed that Pi Network has been in development for over six years, boasting a community of over 60 million engaged users. They remain focused on building a secure and sustainable ecosystem.

What’s Next for Pi Network?

Despite the controversy, Pi Network continues to advance its roadmap and expand its ecosystem. However, the price volatility following the mainnet launch suggests that further sell-offs by pioneers could influence PI Coin’s short-term performance.

While skepticism persists, Pi Network’s strong response to the allegations signals that the project is determined to defend its legitimacy. Whether this will be enough to restore investor confidence remains to be seen.