World

Strong

A major cryptocurrency exchange leader has raised serious concerns about the crypto&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/what-is-cryptocurrency-mining-explained-complete-guide">mining</a> project,&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/what-is-pi-network-cryptocurrency-mobile-mining-guide">Pi Network</a>, just as it launches its long-awaited&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/pi-launches-open-network-picoin-on-exchanges">Open Network</a>. Ben Zhou, CEO of the Bybit exchange, has shared strong warnings about Pi Network's operations and questioned its legitimacy.
<h2 dir="ltr" id="span-span-strong-exchange-ceo-raises-red-flags-strong-span-span">Exchange CEO Raises Red Flags</h2>
Ben Zhou&nbsp;<a style="text-decoration:none" href="https://x.com/benbybit/status/1889654348239503540">first spoke out</a> when Pi Network announced its Open Network launch date. In his initial comments, Zhou made it clear he wanted nothing to do with Pi Network. He strongly denied rumors that he would be joining the project.
<figure class="image">
 <img src="https://storage.bsc.news/5/Screenshot_2025_02_21_at_11_06_10_b2d0c529ba.webp" alt="Ben Zhou's first post about Pi Network" width="undefined" height="undefined">
 <figcaption>
 Ben Zhou seeks to distance himself from Pi Network
 </figcaption>
</figure>
But Zhou didn't stop there. As criticism mounted against him and Bybit for their stance, Zhou doubled down with even stronger statements about Pi Network…
<figure class="image">
 <img src="https://storage.bsc.news/5/Screenshot_2025_02_21_at_11_05_37_d590994f15.webp" alt="Pi Network community attacks Bybit after CEO comments" width="undefined" height="undefined">
 <figcaption>
 Zhou and Bybit faced heavy criticism from Pi Network's community after the CEO's initial statements
 </figcaption>
</figure>
<h2 dir="ltr" id="span-span-strong-police-warnings-and-investigations-strong-span-span">Police Warnings and Investigations</h2>
In his&nbsp;<a style="text-decoration:none" href="https://x.com/benbybit/status/1892608824869327026">latest social media post</a>, Zhou pointed to what he described as an "<a style="text-decoration:none" href="https://www.hengyang.gov.cn/gaj/jqts/20230705/i3046572.html">official police warning</a>" from Chinese authorities. This warning, which appears to be from 2023, suggested the project was targeting elderly people in what police labeled as potentially fraudulent activities.
The Chinese police warning isn't the only investigation that has come to light. Reports from 2023&nbsp;<a style="text-decoration:none" href="https://www.binance.com/en/square/post/724501">indicated</a> that authorities in Vietnam were also looking into Pi Network's activities.
<figure class="image">
 <img src="https://storage.bsc.news/5/Screenshot_2025_02_21_at_11_05_53_8f35f74f3b.webp" alt="Ben Zhou's latest post, saying that Pi Network is a scam" width="undefined" height="undefined">
 <figcaption>
 Ben Zhou's follow-up post about Pi Network, highlighting a police warning and saying he thinks the project is a scam
 </figcaption>
</figure>
<h2 dir="ltr" id="span-span-strong-serious-allegations-about-user-data-strong-span-span">Serious Allegations About User Data</h2>
Zhou raised additional concerns about user safety. He claimed that Pi Network:
<ul>
 <li>Leaks users' personal information</li>
 <li>Could put people's pensions at risk</li>
 <li>Has faced multiple questions about its legitimate operations</li>
</ul>
<h2 dir="ltr" id="span-span-strong-bybit-s-strong-stance-strong-span-span">Bybit's Strong Stance</h2>
Addressing rumors head-on, Zhou clarified several points about Bybit's relationship with Pi Network:
"Bybit had made no listing request to $PI and the claim that $PI refused bybit listing or Bybit did not pass some sort of KYB of $PI is completely non sense." Zhou stated firmly.
Zhou challenged Pi Network directly, stating that if the project is legitimate, it should address these serious accusations openly. He concluded his post by saying that he believes Pi Network a scam, a statement likely to upset many in the Pi community.
<h2 dir="ltr" id="span-span-strong-mixed-reception-in-the-crypto-world-strong-span-span">Mixed Reception in the Crypto World</h2>
While Pi Network has achieved significant milestones, including:
<ul>
 <li>Launching its Open Network after approximately 3 years of&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/pi-network-grace-period-extension-delay-2025-open-mainnet">delays</a></li>
 <li>Getting its PI token listed on several major exchanges</li>
</ul>
The project continues to face skepticism. This can be seen clearly in the comments section of&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/pi-network-binance-listing-vote-2025-exchange-updates">Binance's recent community vote</a> about potentially listing the PI token, and elsewhere in the crypto sphere.
<h2 dir="ltr" id="span-span-strong-what-this-means-for-pi-network-users-strong-span-span">What This Means for Pi Network Users</h2>
These developments raise important questions for people involved with Pi Network, commonly known as Pioneers. The contrast between&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/pi-coin-exchange-listings-okx-mexc-bitget-launch-date-analysis">major exchange listings</a> and serious allegations from industry leaders like Zhou creates uncertainty in the cryptocurrency community, but the project continues to see strong support from its community.
<h2 dir="ltr" id="span-span-strong-looking-ahead-strong-span-span">Looking Ahead</h2>
As Pi Network moves forward with its Open Network, the cryptocurrency community watches closely. The project faces the challenge of addressing these allegations while maintaining its momentum after the recent launch.
For potential users and investors, these conflicting signals suggest the importance of thorough research and careful consideration before getting involved with any project.
Stay tuned for more updates as this story develops, particularly regarding any responses from Pi Network to these serious allegations.

Pi Network Under Investigation?! Bybit CEO Speaks Out

Daftar Isi

BSCN

Artikel lain yang dipublikasikan pada 24 Feb 2025

Arctic Pablo’s 11th Expedition Hits Blizzard Bay! Simon’s Cat’s Expansion & Apu Apustaja’s Market...

Flutterwave seeks listing on Nigerian Exchange, pledges to drive Nigerian economy for seamless di...

SOL fans eye this crypto, expecting 50,000% surge in Q2 2025

Bitcoin, Binance Coin, Meme Coins: Here's Which Crypto CZ Holds

Shiba Inu (SHIB) Price Collapse Seems Inevitable: Can Bulls Do Something?

Dogecoin Price Due For Excitement, Social Sentiment Rises

Bergabunglah dengan buletin gratis kami untuk pembaruan kripto harian!