In a recent announcement on X, Ben Zhou, the CEO of Bybit, firmly stated that the crypto exchange will not be listing the Pi Network token, branding it a scam that specifically preys on vulnerable elderly populations. This decision has sent cold shivers throughout the crypto community, sparking heated debates and renewed calls for caution when investing in emerging digital assets.
Scam Concerns and Red Flags
According to sources close to the matter, Bybit‘s decision to reject the Pi Network token was based on a thorough review of the project’s fundamentals, which raised several red flags. Among the key concerns highlighted by the crypto exchange is the alarming lack of transparency surrounding the Pi Network.
Zhou pointed out that critical information regarding the development team and the project’s governance structure remains largely enveloped in mystery. This makes it nearly impossible for potential investors to verify the credibility and track record of those behind the initiative.
Additionally, Zhou cited the issue of unclear use case, maintaining that the Pi Network’s purpose and value proposition are unclear. This uncertainty raises significant questions about the project’s potential for sustainable growth and overall adoption in the long term.
Furthermore, Zhou noted that the Pi Network has been implicated in highly questionable marketing practices, alleging the use of aggressive and misleading advertising strategies to lure unsuspecting investors. Such tactics question the project’s legitimacy and ethical standing.
Bybit’s Commitment to Investor Protection
Bybit’s resolute decision to reject the Pi Network token serves as a standing testament to the company’s dedication to protecting its user base and promoting the highest standards of integrity within the crypto market. As a leading player in the realm of digital exchanges, Bybit recognizes how vital it is to responsibly ensure that any projects listed on its platform meet the high standards of legitimacy, security, and transparency.
Reiterating Bybit’s strong commitment to investor safety in an increasingly complex and sometimes treacherous market environment, Zhao said:
“We take the safety and security of our users very seriously. If a project raises concerns or fails to meet our listing standards, we will not hesitate to reject it. Our users deserve nothing less.”
Meanwhile, Pi Network has cautioned traders, citing incidents of fake Pi listings on various DEXs. It maintains that Pi trading pairs currently listed on all DEXs are fraudulent and likely to be part of a scam programmed to defraud. Pi Network strongly recommends that traders refrain from participating in any current DEX trading pairs but advises that traders refer to the KYB’d services page on the Pi official website for verified businesses integrated with Pi.
