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- Pi Network’s shocking 61% crash leaves investors scrambling.
- Bybit CEO calls out Pi Network as a scam – What happens next?
- China’s official warning raises alarm bells for Pi investors!
Pi Network has come under significant public pressure following its sharp price drop and more recent accusations from Bybit CEO Ben Zhou and Chinese regulators. Zhou has started publicly trashing the blockchain project, labeling it a fraudulent investment scheme that will never be listed on Bybit. His concerns add to the growing concern about the credibility of Pi Network: Is It Transparent and Authentic? However, the Chinese authorities had already voiced their concerns regarding the project, further escalating investors’ anxiety.
Pi Network Scandal Deepens Over China Warning
In October 2023, the Hengyang Public Security Bureau in China declared Pi Network a scam due to data leakage and monetary fraud issues, particularly affecting elderly individuals. This warning has increased industry disquiet, and authorities have closely monitored the project’s operations. The nature of its regulation and the absence of an articulated project roadmap have caused controversy among crypto enthusiasts.
Bybit CEO Slams Pi Network and Denies Listing Rumors
Ben Zhou disproved Bybit’s speculation about rejecting Pi Network by denying that any listing request had been officially sent. He further stated that Pi Network has failed to address its credibility concerns, making it an unfit candidate for listing. OKX and Bitget have listed the token, while Bybit rejected it because the exchange remains doubtful about the lack of transparency. Shareholders have frequently shown dissatisfaction about missing tokens, inadequate project team support, and difficulty reaching the project members.
Pi Network’s Value Crashes Over 61% Following Initial Surge
After launching its mainnet on February 20, Pi Network experienced a price surge, peaking at $1.4821. However, within 24 hours, the token’s price plummeted 61.81%, dropping to $0.6491 before stabilizing around $0.64. Despite the crash, Pi Network maintains a market cap of $4.1 billion, with a trading volume spiking to $1.31 billion, reflecting a 3,692.12% increase in daily activity.
Source: CoinMarketCap
Regulatory crackdowns and exchange rejections have caused many investors to doubt the future viability of Pi Network. With increasing doubts about the project’s credibility, the crypto industry remains cautious about its long-term viability.
