Pi Network Token Crashes After Mainnet Launch, Bybit CEO Calls it a Scam
Pi Network’s long-awaited mainnet launch led to a significant drop in the value of its native token, PI, which saw a decline of over 65%.
This event, announced on February 20, allowed the project to expand its reach by providing users access to centralized exchanges and external businesses. It marked a key shift from its earlier, more isolated model.
The listing of PI on several exchanges like Bitget, OKX, and MEXC, on the same day, allowed for the token to be traded. However, what followed was a steep decrease in its price, which quickly fell from an initial high of $1.84 to around $0.64. While some platforms embraced the listing, Bybit’s stance was notably different.
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The exchange’s CEO, Ben Zhou, publicly criticized Pi Network, accusing it of being a scam. His criticism was rooted in a warning from Chinese authorities issued in 2023, which labeled the project as a scam targeting the elderly. Zhou also responded to rumors claiming that Bybit had refused to list the token, stating that no such request had been made.
Despite claiming to have over 60 million users, Pi Network’s blockchain data reveals only 9.1 million users, raising questions about the project’s actual reach. In addition, Pi Network claims to be decentralized, but it continues to be controlled by its core team, without any independent validators joining the network. This has led to increasing skepticism surrounding its legitimacy and future prospects.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
