Bybit CEO Declines to List Pi Network Token Over Scam Allegations
Bybit CEO Ben Zhou announced the exchange will not list the Pi Network's PI token due to concerns over the project's legitimacy, referencing a 2023 police warning indicating it was a scam targeting the elderly. Zhou stated:
- "Yes, I still think you are a scam, and no, Bybit will not list scam."
The Pi token launched on OKX at $0.67, peaked at $2, and has since dropped 65%, currently trading around $0.69. The project faced scrutiny for its user recruitment marketing strategy, which users compared to the Bitconnect Ponzi scheme.
- Concerns stem from a system rewarding users for recruiting others, resembling previous scams.
- The project allows token locking for up to three years with promises of increased rewards.
- Market cap is $4.18 billion with a circulating supply of $6.33 billion; however, the maximum supply is 100 billion, leading to a fully diluted value (FDV) of $67 billion.
- At launch, FDV reached $200 billion, nearly double that of Solana.
Despite these issues, exchanges like OKX, Bitget, and Gate reported $620 million in trading volume for PI pairs.