The CEO of Bybit crypto exchange Ben Zhou may have dampened the frenzy around the newly listed crypto Pi Coin following his tweet that that the coin is a scam.
Zhou stated this a few hours after the long-awaited Pi Network mainnet was launched on Thursday, February 20, 2025
Over 10 crypto exchanges listed Pi for trade on their platforms, marking a new entry into the crypto market after almost two years of wait.
However, Bybit CEO shared a shocking tweet that warned potential users of Pi that the coin could be a scam, relying on reports from Chinese authorities in 2023. Some of its critics claimed that Ben’s tweet was borne out of rejection from Pi Network to have pi coins on Bybit.
He responded by saying:
“There are multiple other reports out there questioning the project legitimacy. 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. If the project is legitimate and straight up, then you should come forth and address these reports so everyone can understand…Yes, I still think you are a scam, and no , Bybit will not list scam”. – Ben Zhou in a tweet
He also shared a red alert from authorities in Hengyang warning traders to be cautious, “Here is an official police warning of $Pi from Chinese police back in 2023 warning to the public that it’s a scam targeted towards elderly folks, which leaks their data and loss of their pension.
Considering the influence of Bybit CEO’s in the crypto industry, users’ opinions might affect how people see pi in the market.
Already, Pi is facing huge volatility as would other crypto assets, but it dropped 50% in value within 24 hours it hit some exchanges.