Pi Network responds to Bybit CEO’s scam allegations

5 hours ago 10

Pi Network has responded to a contention triggered by a station from Bybit CEO Ben Zhou challenging the project’s legitimacy and accusing it of being a scam.

On Feb. 20, an X relationship describing itself arsenic the “unofficial method team” of Pi Network alleged that the task had rejected a listing connection from the crypto speech and that Bybit was “losing its position” successful the market.

Responding to the provocation, Zhou accused Pi Network of being a “scam,” citing a 2023 study from Chinese authorities informing users of a task targeting the elderly. “Yes, I inactive deliberation you are a scam, and no, Bybit volition not database scam,” Zhou wrote.

Zhou besides stated that Bybit had ne'er submitted a listing petition to Pi Network and challenged the task to beryllium its legitimacy by addressing erstwhile reports that questioned its operations.

Bybit did not taxable a listing petition to Pi Network

In a connection to Cointelegraph, a Pi Network spokesperson denied immoderate narration betwixt the institution and Bybit and confirmed that Bybit had not requested a Know Your Business (KYB) verification, successful which outer businesses are reviewed to guarantee that ecosystem transactions hap betwixt verified participants.

The spokesperson confirmed Zhou’s statement, saying Pi Network “has not been asked to KYB Bybit.” The institution besides clarified that there’s nary narration betwixt Pi Network, Bybit oregon its CEO.

The institution added that it’s not affiliated with the X relationship that provoked Zhou. “Mr. Zhou’s posts regarding Pi Network look to person been successful effect to posts made by an idiosyncratic unaffiliated with Pi Network,” the spokesperson told Cointelegraph.

Zhou’s societal media station was followed by a driblet successful Pi Network (PI) prices. On Feb. 20, the token went from a precocious of $1.84 to a debased of $0.61. However, the token surged successful the pursuing days, reaching a caller all-time precocious of $2.99 connected Feb. 26.

Pi Network addresses constabulary informing and idiosyncratic basal ostentation claims

Pi Network besides responded to Chinese constabulary warnings referenced by Zhou, claiming that the reports progressive fraudulent actors impersonating Pi Network alternatively than the institution itself:

“To beryllium abundantly wide and to debar immoderate ambiguity, Pi Network is not affiliated with, did not authorize, and did not prosecute successful immoderate enactment that is related to the constabulary warning, and Pi Network has not been contacted by immoderate constabulary section successful China regarding this incident.”

The spokesperson added that Pi Network condemns immoderate of the alleged activities by immoderate atrocious actor.

The institution besides addressed criticisms implicit its idiosyncratic count, a predominant constituent of contention among skeptics. The spokesperson said that the 60 cardinal users it advertises are exertion users.

Pi besides pointed retired that successful the Google Play store, the app has already exceeded 100 cardinal downloads. “The 60 cardinal Engaged Pioneers fig is really overmuch little than the full fig of registered users connected the app, which is simply a metric that galore companies typically share,” the spokesperson said.

As for the 10.8 cardinal users shown by blockchain explorers, a fig often utilized by critics to undermine Pi, the institution said they were the full fig of users who person already created wallets connected the blockchain.

Pi Network said that the fig is little than their engaged users due to the fact that mobile app users indispensable implicit aggregate steps, including a Know Your Customer verification to make a wallet and person their PI connected the mainnet.