Crypto Drama: Did Someone Say Scam?
What to know:
- Bybit’s CEO cited a 2023 Chinese police warning that Pi Network is a scam targeting elderly people.
- The project’s referral scheme and “token lock-up ” offering are similar to crypto Ponzi schemes Bitconnect and Hex.
- PI has dropped more than 60% from its launch-day peak.
Well, well, well. Looks like someone’s in a spot of bother. Bybit’s CEO, Ben Zhou, has decided to call Pi Network a “scam” 😨 and, wouldn’t you know it, they’ve decided not to list the PI token. Seems the good chap has taken a leaf out of the good book of detective fiction, citing a 2023 Chinese police warning that alleges this whole Pi operation is targeting granddads and nannas, snatching their hard-earned pensions and personal info like a rogue pigeon eyeing a stale croissant. 🐦🥐
“There are multiple other reports out there questioning the project legitimacy,” Zhou posted on X. “Yes, I still think you are a scam, and no, Bybit will not list scam.” Quite the statement, wouldn’t you say?
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 which leaks their personal data and loss of their pension. There are multiple other reports out there…
— Ben Zhou (@benbybit) February 20, 2025
Pi Network, naturally, hasn’t responded to CoinDesk’s request for comments… which is probably just as well, considering the state of things.
The token went live alongside the project’s mainnet release on Thursday, allowing users who “mined” tokens by clicking their smartphone screens once a day to finally transfer and sell their digital treasure.
But just as Zhou was getting his detective hat on, he found himself in a whole other pickle. His exchange, Bybit, was hacked by North Korea’s Lazarus Group for a cool $1.5 billion. Talk about a Tuesday!
The PI token debuted on OKX at $0.67, rose as high as $2 and then promptly took a nosedive 📉, slumping 65% and currently hovering around $0.69.
Now, one thing that raised eyebrows was Pi Network’s marketing tactic: rewarding users who recruited other users. The more people you signed up, the higher your “mining” rewards. This vaguely reminded some folks of the 2017 Ponzi scheme, Bitconnect.
“Pi Network is the biggest ponzi [scheme],” X user CryptoBeast alleged, posting to
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2025-02-22 01:56