As of 8 pm on February 26, 2025, Pi coin surged to $2,159, approaching its previous high of $2,200. This was a remarkable recovery after Pi had once plummeted to $0.649 on February 22.
This volatile price movement occurred amidst recent allegations of fraud leveled against Pi Network by the CEO of the crypto exchange Bybit. Denying the accusations, Pi Network stated, “Neither Pi Network nor anyone affiliated with Pi Network is associated with the social media account that attacked Zhou. Pi condemns the imposter who made those comments,” via their official account on Twitter on the morning of February 22. This was the first time the project had responded to allegations since its inception.
Pi Network explained that as a six-year-old project with over 60 million users, it was inevitable that they would be impersonated by unrelated individuals. They also confirmed that the Chinese police had not contacted them regarding the fraud allegations and that Bybit had not performed the necessary KYB (Know Your Business) procedure to establish a link with Pi Network.
The dispute arose when Bybit’s CEO, Ben Zhou, publicly labeled Pi Network as a “scam project” and asserted that he would not list Pi on his exchange. He also alluded to wanting to avoid trouble with older users, who might demand their Pi investment back if they incurred losses.
The CEO questioned the project’s transparency, writing on February 21, “If you are legitimate and straightforward, you should come out and address these reports so that people can understand. Instead, you choose to fabricate and carry out childish, baseless attacks,” accompanied by a post from an account bearing the Pi logo that criticized him.
Pi Network’s current recovery marks a turning point from its disappointing launch. After nearly six years of development and amid much skepticism, the project officially “opened the network” on February 20, allowing users to transfer Pi to other platforms for trading. However, upon listing, Pi’s price plummeted from $2,200 to nearly $0.600.
On the first day, many users encountered difficulties during the identity verification (KYC) process, a crucial step for trading. Error messages kept popping up: “An error has occurred. However, don’t worry, your Pi balance is safe. Please come back and try again later!”
The industry leaders, Binance, and Coinbase, have maintained a cautious stance, not yet listing Pi for trading, further fueling suspicions about the project’s reliability.
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– 21:03 26/02/2025
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