Bybit CEO Slams Pi Network, Labels It a Scam Amid Historic Airdrop

In Brief:

Bybit CEO Ben Zhou shares a 2023 Chinese law enforcement warning calling Pi Network a "pyramid scheme."

Despite launching the largest crypto airdrop ($12.6B), Pi faces backlash and major exchange skepticism.

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Bybit CEO Ben Zhou has reaffirmed his stance against Pi Network, citing a 2023 Chinese government warning that called the project a fraud targeting the elderly. Zhou’s comments came as Pi Network executed the largest airdrop in crypto history, distributing $12.6 billion in tokens during its long-awaited mainnet launch.

Despite community hype and ongoing exchange listing debates, Bybit has refused to list Pi, with Zhou labeling it a Ponzi-like scheme. Other exchanges, including OKX and Binance, have faced similar criticism regarding potential Pi listings.

As Pi’s IOU price plummets nearly 50%, skepticism around the project continues to grow, with concerns about China’s potential regulatory backlash further clouding its future.

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