Bybit CEO Ben Zhou has publicly criticized Pi Network, calling it a scam and denying claims that Bybit had requested to list the token. The controversy follows a sharp price drop for Pi Coin, which fell more than 60% in a single day after its recent surge.

Zhou took to social media to address the growing debate, pointing to a warning issued by Chinese authorities in 2023. 

The People’s Government of Hengyang had cautioned the public that Pi Network was a fraudulent scheme targeting elderly individuals, alleging that it misused personal data and led to financial losses. The warning described Pi Coin as a project that promises free mining through a mobile app, but in reality, operates in a manner resembling a pyramid scheme.

Amid ongoing discussions about its legitimacy, Pi Network has attracted both supporters and critics. The project, which claims to offer an accessible form of cryptocurrency mining, has been accused of lacking transparency. 

Additionally, critics argue that its KYC (Know Your Customer) process requires users to submit sensitive personal information, raising concerns over privacy and data security. Unlike Bitcoin and other proof-of-work cryptocurrencies, Pi’s mining mechanism involves simply tapping a button on the app daily, with no clear evidence of underlying blockchain activity.

Pi Coin recently reached a peak price of $2.01, fueled by speculation surrounding exchange listings. However, the token’s value plummeted by over 60% within 24 hours, halting its bullish momentum, according to data from CoinMarketCap. 

In response to claims that Bybit had sought to list Pi Coin but failed to meet the project's KYB (Know Your Business) requirements, Zhou dismissed the allegations as false. He emphasized that Bybit never made such a listing request and rejected suggestions that the exchange had been denied due to compliance issues.

“If the project is legitimate and straightforward, then you should come forth and address these reports so everyone can understand,” Zhou said, accusing Pi Network of evading scrutiny and engaging in baseless attacks. “Yes, I still think you are a scam, and no, Bybit will not list scams.”

Pi Network has yet to respond to Zhou’s remarks or the renewed concerns about its operations. Meanwhile, the token’s market sentiment remains divided, with some investors celebrating its recent mainnet launch while others continue to question the project’s legitimacy.