Pi Network, which has attracted attention in the cryptocurrency market in recent years, is in the midst of a major controversy. In particular, the public criticism of the project as a “scam” by Bybit CEO Ben Zhou has caused a stir. This statement reignited doubts about the transparency and legitimacy of Pi Network and shocked the entire cryptocurrency community.

Criticism by Bybit CEO and its Impact

Ben Zhou cited a 2023 report by Chinese authorities, claiming that fraudulent activities related to Pi Network may be being carried out by some malicious third parties. However, Pi Network has countered that this report focuses on fraudulent activities impersonating the project, not on Pi Network itself.

Following these statements, the price of Pi Coin temporarily dropped by over 59% to $0.737. However, it has since recovered by 80% to $1.29, raising expectations among investors again.

Pi Network and BYBIT Controversy: Debate over Project Legitimacy and Misunderstandings

Claims of Pi Network Supporters

On the other hand, Pi Network also has many enthusiastic supporters. The project was launched in 2019 and has since gained over 60 million active users. Many are attracted by its unique mechanism that allows easy mining on smartphones.

Supporters argue that “the project is still in the development phase, and it is too early to draw conclusions at this point.” They also expect that listing on major exchanges such as Binance will significantly improve the value and credibility of Pi Coin.

Binance Community Survey

Binance recently conducted a community survey regarding the listing of Pi Coin, and 86% of participants voted in favor of listing. However, Binance explained that this survey result is treated as reference information, and further evaluation processes are required for the final listing decision.

Criticism and Challenges

Nevertheless, many experts and investors still express concerns. The following points are particularly criticized:

• Lack of Transparency: Insufficient information disclosure about the project team and technical details.
• Mining Model: Criticism that the mechanism, which differs from traditional cryptocurrency mining, undermines credibility.
• Practicality: Lack of blockchain integration and specific use cases.

Future Expectations and Outlook

Despite these criticisms, Pi Network still has room for growth. Particularly if listing on major exchanges and ecosystem expansion progress, it has the potential to enhance connectivity with other blockchain networks and provide more practical use cases.

Summary

Pi Network is attracting attention due to its innovative approach and large user base. However, until concerns about transparency and practicality are dispelled, doubts about its legitimacy will continue. Its fate will largely depend on what countermeasures the project team takes in the future.

What do you, the readers, think? Can Pi Network recover from this adversity and write a new success story? Or is it destined to fade away? Please share your opinions in the comments section.