Bybit CEO accuses Pi Network of being a scam, cites Chinese police report

Pi Network was accused of being a scam of the CEO of Bybit, Ben Zhou, raised a police notice of 2023 which calls it a “scam which attacks the elderly”.

In a recent jobThe co-founder and CEO of Bybit, Ben Zhou, responded to a complaint made by an unofficial PI (Pi) Technical team account which claims that the exchange of crypto was “rejected by PI” to register on his exchange. THE Pi network is a project that allows users to use cryptocurrency via a mobile application.

“Bybit had made no request for registration for PI and the assertion that Pi refused the listing or the Parbit did not transmit a sort of pi Kyb is completely absurd,” said Zhou in his post.

Zhou retaliated by raising a Chinese police report published in 2023, warning the citizens of a virtual currency scam which targets the elderly through a “well-being of day-to-day” regime perpetrated by actors claiming to be affiliated with the PI network.

“Many criminals use” π corner “to claim that they can operate for free by simply downloading an application on their mobile phones. They also give conferences to the elderly, expanding the group of victims by claiming that they can “recommend discounts” by developing lines of view, resell the personal information of users and by fraud the elderly of their pensions “, wrote the Wuxi Public Security Bureau in a translated notice.

The report indicates that crooks would use free rewards and gifts to attract victims who wish to obtain small profits by downloading the application and promising them a small amount of Pi tokens as a gift.

“They expand the group of victims by rewarding people for recruiting more people, reselling personal information from users and defrauding victims of their money,” added the police.

Zhou used the article as the basis of his claims, reaffirming his crypto exchange would not list the PI network in the predictable future, unlike other major exchanges such as Okx And Bitget. Even Binance began to test the waters by holding a community vote On the question of whether the exchange should list the PI network.

In a interview With Crypto.News, the co-founders of the PI network Dr Nicolas Kokkis and the Chengdiao fan explained the model and the mining mechanism of the Pi network shortly after the launch of the project maintenance.

They explained that their objective is to ensure that Pi remains stable by providing a distribution of tokens fair and wide while facilitating real uses. To ensure network safety, they implement actions such as safety circles, PI applications based on public services, execution nodes and other precautions.

In addition, PI users, called pioneers, are required to undergo an identity verification process before they can get PI.

Pi Network warns users of potential scams and bad players

In an X job Shared a few days before its main launch, the PI network warned users of the emergence of “bad actors and potential activities, scams and individuals imitating others” who claim to be affiliated with the project.

“Neither Pi Network, nor a person affiliated with Pi Network, has no affiliation with parties organizing or engaging such illegal or harmful activities to our users or the community,” wrote the PI network in his article.

The account explained that all the activities that oblige users to pay fees as well as actors who make “deceptive promises of monetary awards or future profits, or MLM [Multi-Level Marketing]“Are not allowed by Pi Network. The protocol also urges its subscribers to check their official site For more information on how to protect their Pi accounts and wallets.

At the time of writing the editorial staff, the Pi token fell by more than 50% in the past 24 hours. PI is currently negotiating at $ 0.65. The token maintained a $ 1.2 billion negotiation volume last day.