The PI Network has been accused of being a scam by Bybit CEO Ben Zhou and has brought up a police notice since 2023 calling it a “scam that preys on older people.”
In a recent post, BYBIT co-founder and CEO Ben Zhou responds to claims by an unofficial PI (PI) technical team account that claims that the crypto exchange was “denied by the PI” to list it in the exchange. did. PI Network is a project that allows users to mine cryptocurrency through mobile apps.
“The allegations that Pi rejected a Bybit list or Bybit did not pass any KYB on Pi's KYB completely nonsense because Bybit did not make a list request to the PI,” Zhou said in his post .
Zhou retaliates by submitting a Chinese police report released in 2023, targeting seniors through a “Get a Rich Night” scheme conducted by actors who claim to be affiliated with the PI network We warned citizens about cryptocurrency fraud.
“Many criminals claim that using 'π coins' can be used to mine for free just by downloading the app on their phone. They also expand victim groups by lectures to older people and claiming that they can “rebate” by developing downlines, reselling user personal information, and aging pensions. I argue that anyone can deceive,” Wuxi Public Safety Bureau wrote in a translated notification.
The report states that scammers will use free rewards and gifts to seduce victims who want to download the app and earn a small profit by promising small amounts of Pi tokens as gifts .
“They will recruit more people, resell users' personal information and expand the victim group by rewarding people by scaming victim money,” the police department added. .
Zhou used this article as the basis for his claim. If you double check his crypto exchange, unlike other major exchanges like OKX and Bitget, it won't list PI networks in the near future. Even Binance began testing the waters by voting for the community on whether the exchange should list PI networks.
In an interview with Crypto.News, PI Network co-founder Dr. Nicolas Kokkalis and Chengdiao fans detailed the PI network model and mining mechanism shortly after the launch of the project's mainnet.
They explained that their goal is to ensure that PIs remain stable by providing a fair and wide token distribution while encouraging real-world use. Implement actions such as security circles, utility-based PI apps, running nodes, and other precautions to ensure network security.
Additionally, PI users, known as pioneers, must undergo an ID verification process before obtaining a PI.
PI Network Warns Users About Potential Scams and Bad Actors
Shared in X's post a few days before the mainnet's launch, the PI network told users about the emergence of “potential bad actors and activities, fraud, and individuals who are impersonating others” who claim to be part of the project. I've warned.
“Neither PI network nor those affiliated with PI networks have any relationships with parties who organize or engage in such illegal or harmful activities with their users or communities,” the PI network posted I wrote it on.
The account described activities that require users to pay and “activa who makes misleading promises of financial compensation or future profits, or MLMs.” [Multi-Level Marketing]is not permitted by the PI network. The protocol also encourages followers to check the official site for information on how to protect your Pi account and wallet.
At the time of writing, PI tokens have plummeted over 50% in the last 24 hours. PI is currently trading hands for $0.65. Tokens have maintained a trading volume of $1.2 billion over the past day.
