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

In recent years, various projects have been attracting attention in the cryptocurrency market. Among them, “Pi Network” is one project that has particularly stirred up a lot of discussion. Recently, a heated debate unfolded between Pi Network and Ben Zhou, the co-founder of the cryptocurrency exchange BYBIT. This article will delve into the background of this debate, Pi Network’s stance, and future prospects.

Origin of the Debate: Criticism by Ben Zhou

This debate began when Ben Zhou called Pi Network a “scam” and leveled harsh criticism against the project. He cited a warning document issued by the Chinese police, claiming that Pi Network was involved in fraudulent activities targeting the elderly. However, it was later revealed that this warning was not about Pi Network itself, but rather about third parties misusing the project’s name.

Pi Network Shaken by KYB Introduction: Impact of Bybit CEO’s Remarks on Investors

Pi Network’s Response

In response to this criticism, Pi Network issued an official statement clarifying its position. The project emphasized the following points:

Pi Network claims to have no connection whatsoever with fraudulent activities misusing the project’s name.
They have not received any direct warnings or communications from the Chinese police.
They strongly condemn malicious impersonators and misleading actions.

Furthermore, Pi Network acknowledged the difficulty in managing extreme behavior occurring within the community but explained that such actions do not represent the project itself.

https://x.com/PiCoreTeam/status/1893085633628803305

Community and Regulatory Challenges

The challenges Pi Network faces are not limited to this recent debate. The project also has the following issues:

Extreme behavior within the community: Some users exhibit aggressive attitudes, leading to criticism of others and misunderstandings.
Regulatory challenges: Adaptation to different cryptocurrency regulations in various countries is necessary, which can lead to misunderstandings and troubles during the process.
Dissatisfaction with the price: Some users are dissatisfied with the current Pi coin price, which affects overall trust in the project.

Future Outlook

As revealed in the recent statement, Pi Network plans to continue prioritizing transparency and making efforts to avoid misunderstandings and troubles. They are also considering strengthening collaboration with centralized exchanges (CEX) and decentralized exchanges (DEX), aiming for market trust recovery and growth.

Summary

This debate between Pi Network and BYBIT highlighted the importance of understanding and information sharing in the cryptocurrency market. The project side is required to build trust through transparency and accurate information provision. On the other hand, users and community members also need calm judgment and responsible behavior.

While such discussions may continue in the future, we hope that constructive dialogue will progress from each party’s perspective.

Bybit CEO Calls Pi Network a ‘Scam’, Hacked for $146 Million the Next Day

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On February 21, 2025, Ben Zhou, CEO of cryptocurrency exchange Bybit, accused the Pi Network of being a “scam.” This accusation is based on a warning issued by Chinese police in 2023, which pointed to fraudulent activities targeting the elderly.

Background of the Pi Network Scam Allegations

Zhou stated that the Pi Network promotes “free cryptocurrency mining just by downloading the app” and that it has been accused of collecting personal information and engaging in fraudulent activities targeting the elderly. He also claimed that the project’s referral scheme and “token lockup” model resemble past Ponzi schemes.

Furthermore, Zhou criticized the lack of transparency in the Pi Network, stating that “a legitimate project should be accountable for addressing allegations.”

Largest Hacking Incident in History Occurs the Following Day

Ironically, the day after Zhou criticized the Pi Network, on February 22, Bybit suffered one of the largest hacking incidents in history. In this attack, approximately 401,000 ETH (worth about $146 million) were stolen. The attackers manipulated smart contract logic to illegally move funds from a multi-signature wallet.

Further investigation revealed that this attack was carried out using sophisticated phishing techniques and social engineering. The attackers altered the user interface to make it appear as a legitimate address, tricking users into approving fraudulent transactions.

Involvement of North Korean Hacker Group “Lazarus Group”

It is highly likely that the North Korean government-backed hacker group “Lazarus Group” was involved. This group is known for past attacks on exchanges like Phemex. In this attack, smart contract logic was manipulated, and funds were moved between wallets.

Impact on the Cryptocurrency Industry and Future Challenges

This incident has had a serious impact on the entire cryptocurrency industry. In particular, the security of blockchain technology and the trustworthiness of exchanges are being questioned. Bybit announced that it would compensate for the losses, but many users are concerned about the security of their assets.

Furthermore, this incident could have ripple effects on other projects. For example, emerging projects like the Pi Network will likely be required to strengthen their security measures and transparency.

Bybit’s Response

Ben Zhou apologized for the incident and reported that “all withdrawal requests have been processed and are now back to normal pace.” He also announced that Bybit is implementing new security measures and working to prevent future occurrences.

Conclusion

This incident has left many lessons for the entire cryptocurrency industry. User protection and enhanced security will become increasingly important in the future. Furthermore, transparency and trustworthiness are required from emerging projects and exchanges.

Readers are also advised to be very careful with their asset management and choose a safe trading environment.

Voting for Pi Network’s Binance Listing Begins!

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On February 17, 2025, Binance, one of the world’s largest cryptocurrency exchanges, launched a community vote regarding the listing of Pi Network (PI coin). This vote is attracting attention as an important step to evaluate the project’s future potential.

Details of the Binance Listing Vote

Binance has adopted arare voting formatthis time to reflect community opinions. The voting period is from February 17, 2025, 14:45 (UTC) to February 27, 23:59 (UTC), and participation requires meeting the following conditions:

Having a KYC-verified Binance account
Holding assets worth at least $5 in the account

Users who meet these conditions can vote “Yes” or “No”. However, this result will be treated as reference information, and the final listing decision will be based on Binance’s own evaluation process.

Vote here
https://www.binance.com/en/square/post/20434899280394

Current Voting Status

As of now, over 2 million votes have been collected, with86% in favor of listing. This result indicates high expectations within the Pi Network community.

The administrator believes the listing is confirmed. It feels like the voting format was created as a way to buy time to collect Pi coins. Even for the largest exchange, securing Pi might be difficult.

This meme was also created after the voting began.

Bybit’s Position

Bybit is said to be unable to list $Pi, or the possibility is extremely low, due to regulatory or technical reasons.

Nevertheless, the scenario where they are being whispered information that “Binance is also preparing to list $Pi” is unrealistic yet humorous.

For recent movements of Bybit, refer here
Pi Network Shaken by KYB Introduction: Impact of Bybit CEO’s Remarks on Investors

Point of Irony

The point that Bybit itself cannot handle $Pi, yet is reacting to information that Binance (the world’s largest exchange) is preparing for it, is surreal.

This meme makes it seem as if Bybit is “sensitive to the movements of its competitor, Binance,” but the fact that it cannot participate in that competition in the first place is the source of humor.

Cryptocurrency Community Culture

In the cryptocurrency world, unconfirmed information and rumors often fly around, which can be factors that fuel price fluctuations and expectations. This meme satirically depicts such a situation.

Essence of Humor

The gap between the reality that Bybit cannot list $Pi and the scene where it is hearing rumors that “Binance is also preparing for listing” creates the humor of this meme. Also, by being contrasted with the giant entity “Binance,” Bybit’s weak position and absurdity are highlighted.This meme is a humorous work that satirizes the rumors and expectations unique to the cryptocurrency community, as well as the competitive structure between exchanges.

Pi Network Shaken by KYB Implementation: Impact of Bybit CEO’s Remarks on Investors

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In the world of cryptocurrency, new projects are constantly attracting attention. Among them, “Pi Network” is particularly a hot topic. This project aims to enable mobile-based cryptocurrency mining and has gathered many supporters. However, on the other hand, there are not a few voices raising doubts about its legitimacy and long-term sustainability.

Bybit CEO’s Remarks Spark Debate

Recently, Bybit CEO Ben Zhou shared his thoughts on the Pi Network on social media, causing a stir. Zhou stated that he would “keep his distance from this project” and cited his past experience in FX trading as the reason for refusing to participate. This statement sparked mixed reactions within the cryptocurrency community and raised new questions about the reliability of the Pi Network.

Major Exchanges Plan to List Pi Coin

Despite these concerns, major cryptocurrency exchanges such as OKX, Bitget, and MEXC have announced plans to list the Pi Network’s token, “Pi Coin,” on February 20, 2024. Meanwhile, Bybit has not issued an official statement at this time, and based on Zhou’s remarks, the possibility of listing is considered low.

Bybit’s Pi Network Listing Rejection and the Impact of KYB

The Pi Network is attracting attention in the cryptocurrency market, but Bybit CEO Ben Zhou’s refusal to list its token, “Pi Coin,” has sparked significant debate. This decision is based on concerns about the project’s legitimacy and business model, as well as Zhou’s own past experiences. Furthermore, the KYB (Know Your Business) protocol adopted by the Pi Network adds a new perspective to this discussion.

Reasons Why Bybit CEO Rejected the Listing

Zhou publicly rejected the request to list Pi Coin, stating that he would “keep his distance from this project.” The background to this is said to be his past experience facing protests and refund requests from investors in FX trading. Furthermore, Zhou is skeptical about the Pi Network’s business model, and some criticize the project as being closer to multi-level marketing (MLM) than blockchain technology.

While Bybit shows a cautious stance, other major exchanges such as OKX and MEXC have announced plans to list Pi Coin. However, these listing plans do not dispel doubts about the project’s transparency and long-term viability.

Such a meme has also been created.

This image is a meme based on a famous scene from the movie “Captain America: The Winter Soldier,” satirically depicting the relationship between cryptocurrency exchange Bybit and Pi Network.

Points of Humor

1. Change in Exchange’s Attitude

In the first panel, Bybit says, “I want to list PI.”

However, the Pi Network side asks, “Do you have Mica certificate? Do you have KYB?”

Then, Bybit suddenly says, “Pi is a ‘Pyramid Scheme Scam’,” and its attitude changes abruptly.

2. Violent Confrontation in the Final Panel

Bybit’s Captain America is being attacked by the Pi Network.

This expresses how the Pi community strongly reacts against Bybit’s statements and actions.

Underlying Meaning

Exchanges like Bybit hope to list Pi Network, but the Pi side is confirming whether regulatory requirements are met.

When regulation is mentioned, Bybit changes its attitude and labels Pi as a scam.

However, the Pi community rebels against this and fiercely opposes it.

This meme can be said to express the strong unity of the Pi community and criticize the contradictory attitude of cryptocurrency exchanges from the perspective of Pi Network supporters.

What is KYB (Know Your Business)?

In addition to KYC (Know Your Customer) authentication for individual users, the Pi Network has introduced the KYB (Know Your Business) protocol for businesses operating within the ecosystem. This KYB aims to ensure that businesses meet regulatory standards and maintain transparency. However, this centralized approach is criticized by some as contradicting the decentralized philosophy of blockchain technology.

Key features of KYB include:

Businesses must complete the authentication process to participate in mainnet activities.
Only authenticated businesses will be listed on the open mainnet.
To build a secure Web3 environment, the system allows only authenticated businesses and users to interact.

However, some concerns have also been raised that these measures undermine the decentralized philosophy and that user assets (Pi tokens) could be frozen if KYC or KYB authentication is revoked.

Impact on Community and Investors

Regarding Bybit’s listing rejection and the introduction of KYB, opinions are divided within the cryptocurrency community:

Voices praising Zhou’s cautious stance and evaluating it as a measure against the fraud risks specific to this industry.
Voices criticizing Zhou’s remarks as “FUD (Fear, Uncertainty, Doubt)” and arguing that the Pi Network’s unique model promotes innovation.

Regarding the introduction of KYB, there are opinions that consider it essential for achieving regulatory compliance and opinions that view it as a betrayal of decentralized technology. Particularly in the Japanese market, the balance between regulatory compliance and innovation is emphasized, and in this regard, the Pi Network can be said to be facing challenges.

Conclusion

Bybit’s rejection of the Pi Coin listing highlighted widespread concerns about its legitimacy and market readiness. Meanwhile, while the KYB protocol aims to improve security and compliance within the ecosystem, its centralized nature also faces criticism. How the Pi Network, with its open mainnet launch scheduled for February 20, 2024, will address these challenges, and the outcome of that, will significantly influence its future success and trustworthiness.

Expectations and Concerns Regarding Market Performance

If Pi Coin is listed on major exchanges, significant trading volume is expected. However, market performance depends on multiple factors, including user adoption rate and overall market sentiment. Some analysts predict a bullish start, while others warn about the possibility of a “pump and dump.”

Impact on Community and Investors

The Pi Network already has millions of users, and its support base is very strong. However, criticism from influential figures like Zhou could affect its credibility and market valuation. Ultimately, it will likely be a typical case of high risk, high reward.

Conclusion and Future Outlook

The Pi Network has attracted significant attention due to its innovation and accessibility. However, its success comes with many challenges. As an investor, it is important to conduct sufficient research and carefully evaluate the risks and returns.