Bybit CEO Ben Zhou shared a 2023 warning from China’s law enforcement officials, calling Pi Network a scam. Pi made the largest airdrop in crypto history today, but despite the hype, it still has bitter opponents.
The warning described Pi using very harsh language, calling it a “pyramid scheme” that uses the elderly as “hunting targets.” If the project collapses in the future, it could have repercussions for China’s crypto policy.
Bybit Remains Firm Against Listing Pi
Pi Network, one of the most ambitious blockchain projects, had its long-awaited mainnet launch today. It quickly became the most valuable airdrop in crypto history, with a staggering $12.6 billion in airdropped tokens.
However, the project still has significant critics, as Bybit CEO Ben Zhou shared a 2023 warning against Pi from law enforcement in China:
“Many criminals use Pi to claim that they can mine for free by simply downloading an app on their mobile phones. They also give lectures to the elderly, expand the victim group by claiming that they can ‘recommend rebates’ by developing downlines, resell user personal information, and defraud the elderly of their pensions,” the statement claimed.
Zhou relayed this warning to show that China has long-held suspicions regarding Pi Network. Bybit is one of the world’s major crypto exchanges, and Zhou wished to justify why his company has zero interest in listing Pi.
He also shared it in response to Pi enthusiasts mocking him, strongly stating his personal belief that Pi is a scam.
Bybit is not the only exchange involved in this controversy. When OKX claimed it might list Pi, users strenuously reminded it that China might take offense.
These criticisms also surfaced when Binance launched a community vote to decide on the token’s listing. Currently, the Binance community is largely in favor of listing the token, but many are against it.
despite the overwhelming vote in favor. In short, Pi Network may have strong momentum, but it also has dedicated antagonists.
Binance Community Vote to List Pi Network. Source: X (formerly Twitter)
One of the key criticisms against Pi Network is how it might impact China’s stance on the crypto industry. The 2023 warning characterized the project as a pyramid scheme that targets the elderly, repeatedly using very harsh language to describe the token’s promoters.
China has shown a few signs of warming to crypto, but a major scandal could seriously harm progress.
Despite intense criticism from China, Pi Network still has fervent defenders. Bybit may have zero interest in listing it, but there are plenty of opportunities to buy it elsewhere.
Pi launched earlier today at a price of around $1.24, and it’s currently down nearly 50%.
