Based on the information available from web articles and posts on X as of today
February 21, 2025, 5:25 PM WAT, there is an ongoing feud between Bybit, a cryptocurrency exchange, and Pi Network, a controversial blockchain project. Here’s a summary of the key points, critically examined for accuracy and context:
Background of the Feud
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Bybit’s Stance: Ben Zhou, the CEO of Bybit, has publicly criticized Pi Network, labeling it a scam and refusing to list its token ($PI) on the Bybit exchange. This stance was reiterated in multiple X posts and articles published around February 12–21, 2025. Zhou’s criticism is rooted in concerns about Pi Network’s legitimacy, citing a 2023 warning from Chinese authorities that accused Pi Network of deceptive practices, particularly targeting elderly individuals with promises of rewards (e.g., cars, luxury gifts) that were never delivered. Some victims reportedly lost pension funds and personal data, as noted in police reports and Zhou’s statements on X.
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Pi Network’s Response: Pi Network has not directly addressed Zhou’s criticisms in the provided sources, but posts on X suggest frustration from its community. Some users claim Bybit’s refusal stems from personal bias or failed Know Your Customer/Business (KYB) processes, though Zhou denies this, stating on X that Bybit never requested to list Pi and that allegations of rejection or failed KYB are “complete nonsense.” Pi Network’s community has defended the project, highlighting its mobile mining model and 60 million+ user base, but the lack of transparency and delays in its mainnet launch (now live as of February 20, 2025) have fueled skepticism.
Key Events
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Pi Network’s Mainnet Launch (February 20, 2025): Pi Network officially launched its Open Mainnet, allowing Pi tokens to be traded on exchanges like OKX, Bitget, Gate.io, and others. The $PI token initially surged to $1.99 (a 36% jump) but crashed 55% within hours, falling to $0.9123, as reported in web articles and X posts. This volatility has intensified scrutiny of Pi’s legitimacy.
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Bybit’s Refusal to List Pi: On February 12, 2025, Zhou posted on X rejecting any involvement with Pi Network, calling the idea “ridiculous” and referencing his forex trading experience with dissatisfied customers. He has consistently stated that Bybit will not list Pi due to fraud concerns, citing the Chinese police warning and other reports questioning Pi’s integrity.
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Community Reactions: Posts on X show a divided crypto community. Some users support Zhou’s caution, praising Bybit’s due diligence and urging exchanges to protect investors from potential scams. Others criticize Bybit, accusing it of enabling scams on its P2P platform or harboring personal grudges against Pi Network. An anonymous X user claimed Pi developers rejected Bybit, but Zhou refuted this, challenging Pi Network to address the allegations transparently.
Critical Examination
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Pi Network’s Legitimacy Concerns: Pi Network, founded in 2019 by Stanford graduates Nicolas Kokkalis and Chengdiao Fan, promotes a mobile-based mining model that requires minimal resources, appealing to a broad audience. However, its prolonged “enclosed mainnet” phase (until February 20, 2025), reliance on referrals (raising pyramid scheme comparisons), and KYC privacy issues have drawn criticism. The Chinese authorities’ warning and Pi’s volatile price crash post-launch fuel doubts about its viability, but these claims are not universally accepted—Pi has 60 million users and listings on other exchanges, suggesting some market confidence.
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Bybit’s Motivation: Zhou’s vehement opposition could stem from genuine fraud concerns, as evidenced by the Chinese police report and Pi’s operational challenges (e.g., KYC delays, lack of trading pairs on major exchanges until recently). However, some X posts speculate personal bias or competitive tensions, though these claims lack substantiation. Bybit’s decision not to list Pi aligns with its stated commitment to due diligence, but the feud’s intensity suggests deeper rivalry or reputational stakes in the crypto space.
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Unverified Claims: The feud’s details, particularly on X, are inconclusive and speculative. Posts on X and web articles rely on Zhou’s statements, Pi’s community reactions, and external reports (e.g., Chinese police warning), but none provide definitive proof of Pi being a scam or Bybit’s accusations being entirely unfounded. Pi Network’s lack of response in the sources leaves room for interpretation, and market volatility post-launch could reflect hype, manipulation, or genuine adoption challenges.
Current Sentiment (February 21, 2025)
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Pi Network: Despite the mainnet launch and exchange listings, Pi’s token price remains unstable, trading around $0.678–$0.750 per PI on Bybit (as an IOU, non-tradable) and crashing significantly on other platforms. Posts on X show both optimism (e.g., “$Pi worked so hard to be here”) and frustration (e.g., KYC issues, wrong wallet transfers), reflecting a polarized community.
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Bybit: Zhou’s position has garnered support from some X users who value Bybit’s scrutiny of crypto projects, but others accuse Bybit of hypocrisy (e.g., alleged P2P scams). The feud has amplified debate about exchange responsibility in vetting tokens, with Pi Network becoming a litmus test for legitimacy in the crypto community.
Conclusion
The feud between Bybit and Pi Network centers on Bybit CEO Ben Zhou’s refusal to list Pi’s token, citing fraud and Chinese authorities’ warnings, while Pi Network’s community and some X users defend its model and accuse Bybit of bias. As of February 21, 2025, the situation remains unresolved, with Pi’s market performance volatile and its long-term legitimacy under scrutiny. Both sides’ claims should be treated as inconclusive without official statements from Pi Network addressing Zhou’s allegations or independent verification from blockchain security firms. The crypto community is divided, and the outcome hinges on Pi’s ability to stabilize, gain adoption, and address transparency concerns in the coming weeks. If you need real-time updates or analysis of specific posts on X, let me know, and I can search further!
