Pi Coin surged 20% after Pi Community dismissed Bybit CEO’s rip-off allegations.
Bybit CEO cited a 2023 Chinese language police warning, linking Pi Community to fraud.
Regardless of volatility, Pi Coin now trades round $0.77, up 14% from its latest low.
Pi Community has been within the highlight after its mainnet launch and up to date feedback from Bybit CEO Ben Zhou calling Pi Coin a giant rip-off. In the meantime taking a powerful stand towards such allegations Pi Community lately stepped ahead to clear misunderstandings. Since then, Pi Coin’s worth has surged 20%, now hovering round $0.77.
Bybit CEO Allegation
A latest controversy stems from Ben Zhou’s feedback, who pointed to a 2023 warning from Chinese language police that referred to as Pi Community a rip-off. The police mentioned Pi Community focused aged individuals, collected their knowledge, and prompted monetary losses, together with their pensions.
Moreover, Zhou additionally denied claims about Bybit and Pi Community. He mentioned it’s not true that Bybit didn’t ask to listing Pi or that Pi refused Bybit
Pi Netowk Dismiss All The Claims
In response to this allegation, Pi Community defined {that a} native police division in China had issued a warning about scammers pretending to be a part of the Pi Community venture.
Not too long ago, a CEO publicly commented on Pi Community in response to a put up made by an unaffiliated particular person on social media. Whereas we perceive that on-line discussions can generally result in misunderstandings, we need to take a second to make clear a couple of factors and guarantee correct…
— Pi Community (@PiCoreTeam) February 21, 2025
Nevertheless, the Pi group made it clear that that they had no connection to those dangerous actors and have been by no means contacted by the police about this difficulty. In addition they strongly dismiss any fraudulent actions achieved of their identify.
Additional, Pi Community additionally said that they haven’t any relationship with Bybit or Ben Zhou. They even confirmed that they haven’t been requested to confirm Bybit’s enterprise in any means.
Pi Community has been in growth for six years and has constructed a powerful neighborhood of over 60 million customers. The group defined that they took their time to create a strong venture earlier than launching absolutely.
Pi Coin Surge by 20%
After Pi Community’s response, the value of Pi Coin noticed a 20% restoration after initially dropping by 50% because of heavy promoting stress and the unfavorable affect of the Bybit CEO’s remark labeling it a rip-off.
Nevertheless, Pi Coin has skilled vital volatility since its mainnet launch. It began buying and selling at $1.50 however shortly dropped by 55%, reaching round $0.70.
Maybe, it has since proven some restoration, at the moment buying and selling at roughly $0.77, reflecting a 14% improve from its latest low.
