ByBit Accuses Pi Network Of Fraud: Is It A Pyramid Scheme?
ByBit continues to report Pi Network as a scam, calling it a pyramid scheme. Criticism from China and scepticism about the token listing.
In 2023, Chinese authorities issued a warning stating that Pi Network is a scam. Recently, ByBit CEO Ben Zhao shared this news again, continuing to label Pi Network as a fraud.
Pi Network launched the largest airdrop in cryptocurrency history. However, despite the hype, the project continues to have opponents. The warning issued by the Chinese authorities used harsh language, calling Pi Network a pyramid scheme that targets its victims.
ByBit not Favourable to Pi Quote
Pi Network, one of the most anticipated projects, launched the mainnet on 20 February. The project has become one of the largest airdrops in cryptocurrency history, with over $12 billion in tokens distributed to its user base.
Despite the hype, the project continues to receive criticism. Zhou shared the Chinese authorities' warning of 2023, which stated:
"Many scammers use Pi to claim that it is possible to mine for free by simply downloading an app on their phones. They hold conferences for the elderly, expanding the number of victims with the promise of 'referral redemptions' by developing downlines, reselling users' personal information and scamming the elderly out of their pensions."
Ben Zhao shared this news to point out that China has long been suspicious of Pi Network. ByBit is one of the largest cryptocurrency exchanges and Zhao explained why his platform does not support the token's listing, reiterating his belief that Pi is a scam.
ByBit is not the only exchange to hold this position. In the past, OKX has considered listing Pi, but users have pointed out that China might react harshly.
The main criticism against Pi Network concerns the possible impact on China's position in the crypto sector. According to the authorities, Pi is a pyramid scheme that targets the elderly.
However, despite China's strict stance on Pi Network, the project still has defenders. Although ByBit is not interested in listing the token, there are several other exchanges from which users can purchase it.
Pi was launched at a price of $1.24, but is currently in a bearish phase and is down 50%.
Financial leverage, low liquidity and macroeconomic tensions collided, wiping $16,700 off the price of Bitcoin in less than eight hours, a painful lesson in risk and reaction.
In 2023, Chinese authorities issued a warning stating that Pi Network is a scam. Recently, ByBit CEO Ben Zhao shared this news again, continuing to label Pi Network as a fraud.
Pi Network launched the largest airdrop in cryptocurrency history. However, despite the hype, the project continues to have opponents. The warning issued by the Chinese authorities used harsh language, calling Pi Network a pyramid scheme that targets its victims.
ByBit not Favourable to Pi Quote
Pi Network, one of the most anticipated projects, launched the mainnet on 20 February. The project has become one of the largest airdrops in cryptocurrency history, with over $12 billion in tokens distributed to its user base.
Despite the hype, the project continues to receive criticism. Zhou shared the Chinese authorities' warning of 2023, which stated:
Ben Zhao shared this news to point out that China has long been suspicious of Pi Network. ByBit is one of the largest cryptocurrency exchanges and Zhao explained why his platform does not support the token's listing, reiterating his belief that Pi is a scam.
ByBit is not the only exchange to hold this position. In the past, OKX has considered listing Pi, but users have pointed out that China might react harshly.
Criticism increased further when Binance announced a community vote on whether to list Pi. Currently, many users support the initiative, but just as many are against it.
The main criticism against Pi Network concerns the possible impact on China's position in the crypto sector. According to the authorities, Pi is a pyramid scheme that targets the elderly.
However, despite China's strict stance on Pi Network, the project still has defenders. Although ByBit is not interested in listing the token, there are several other exchanges from which users can purchase it.
Pi was launched at a price of $1.24, but is currently in a bearish phase and is down 50%.
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