The CEO of Bybit, Ben Zhou, said Thursday that his exchange will not list the Token Pi of the Pi Net , filtering your personal information and what leads to the loss of your pensions.
“There are several other reports that question the legitimacy of the project,” Zhou published in X. “Yes, I still think you are a scam, and no, Bybit will not enumerate scam.”
1. Here is an official police that warns $ Pi Of the Chinese police in 2023 warns the public that it is a scam aimed at the elderly who filter their personal data and the loss of their pension. There are several other reports out there … https://t.co/gkeu2wzwfo
– Ben Zhou (@Benbybit) February 20, 2025
The Pi network did not respond to the request for comments from Coindesk.
The Token launched together with the project launch of the project on Thursday. Users who “extracted” tokens by clicking on their smartphone screens once a day could finally transfer and sell tokens.
Zhou, however, found himself in the middle of a separate theme on Friday, with his exchange bybit, which was pirated by the Lázaro Group of North Korea for $ 1.5 billion.
The Token Pi debuted in OKX to $ 0.67, increased to $ 2 and then fell 65% and currently costs around $ 0.69.
A problem that raised concerns was a marketing tactic that rewarded users who recruited other users. Every time a user persuaded another person to register using his code, the “mining” rewards of the first person were increased. The idea had some drawing comparisons with the 2017 Ponzi scheme, Bitconnect.
“Pi Network is the biggest ponzi [scheme]”X The user Cryptoboast alleged, publishing its 656k followers.
The project also offers users the option to block their tokens for three years. In return, they are promised an increase in rewards. The same technique was in the heart of the Hex Project, whose founder, Richard Schueler, known online as Richard Heart, is a fugitive wanted by the United States Stock Exchange and Securities Commission (SEC) to, among other things, defraud to Your investors.
The Token has a market capitalization of $ 4.18 billion based on a circulating supply of $ 6.33 billion. However, its inflationary nature means that the maximum offer is 100 billion, giving a completely diluted value (FDV) to an amazing amount of $ 67 billion, assuming that it has the current price. At the launch, FDV increased to $ 200 billion, almost double that of Solana.
Some exchanges have not been flushed by the concerns raised. OKX, Bitget and Gate have accumulated a total of $ 620 million in negotiation volume for PI negotiation pairs, according to Coinmarketcap.
Read more: Pi Network token debuts at a value of $ 195b despite the minimum liquidity
