The post Bybit CEO accuses Pi Network of being a scam, cites Chinese police report appeared on BitcoinEthereumNews.com.

Pi Network has been accused of being a scam by Bybit CEO Ben Zhou, bringing up a police notice from 2023 that calls it a ‘scam that preys on the elderly.’ In a recent post, Bybit co-founder and CEO Ben Zhou responded to a claim made by an unofficial Pi (PI) technical team account that claims the crypto exchange was “rejected by Pi” to list on its exchange. The Pi Network is a project that enables users to mine cryptocurrency through a mobile app. “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 nonsense,” said Zhou in his post. Zhou retaliated by bringing up a Chinese police report that was published in 2023, warning citizens about a virtual currency scam that targets the elderly through a “get rich overnight” scheme perpetrated by actors claiming to be affiliated with the Pi Network. “Many criminals use “π Coin” 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,” wrote the Wuxi Public Security Bureau in a translated notice. Price chart for the PI token, showing a downturn of over 50%, February 21, 2025 | Source: crypto.news The report state that scammers would use free rewards and gifts to lure in victims who wish to gain small profits by downloading the app and promising them a small amount of Pi tokens as gift. “They expand the victim group by rewarding people for recruiting more people, resell users’ personal information, and defraud victims of their…

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Filed under: News - @ February 21, 2025 9:24 am