- Bybit CEO Ben Zhou has, via a tweet, declined to list Pi Coin, calling it a fraudulent scheme.
- The CEO cited Chinese police and multiple reports that warn against Pi Coin, citing scams targeting the elderly.
Pi Coin made an enticing pitch about mining crypto right from your phone, with no cost involved. Sounds great, right? But there’s a darker side to it. Chinese authorities started investigating after they noticed something troubling.
Scammers were targeting older folks through the Pi Network, stealing their personal information and money. It got so bad that even Bybit’s CEO stepped in publicly saying
“We want nothing to do with this” and warned people to stay away.
1. Here is a official police warning of $Pi from Chinese police back in 2023 warning to the public that it’s a scam targeted towards elderly folks https://t.co/LaGJqXSOXR which leaks their personal data and loss of their pension. There are multiple other reports out there… https://t.co/gkEu2wZwfo
— Ben Zhou (@benbybit) February 20, 2025
The Rise of Pi Coin and Its Controversies
Remember when everyone was talking about finding “the next Bitcoin”? Well, that’s how Pi Coin got its start. A Stanford PhD student launched it as this supposedly charitable blockchain project. They used the π symbol and everything to make it look legit. The big hook was that anyone could mine it for free on their phone without fancy equipment.
But here’s where things went south. It turns out scammers were using the digital asset to prey on vulnerable people, especially seniors. They’d lure them in with promises of free crypto mining and push them to recruit their friends and family, too.
In 2023, Chinese police issued warnings about the coin, highlighting multiple fraud cases. For instance, on May 30, 2023, an individual named Bao was discouraged by his daughter from using the Pi Coin app after realizing its risks.
Similarly, on May 28, 2023, a resident reported that their mother had uploaded personal information, including a photo with her ID card, after investing in Pi Coin. Another case involved a man who believed Pi Coin offered car replacement benefits, only to discover it was a scam.
How Pi Coin Exploits Its Users
Pi Coin’s scheme relies on enticing users with the promise of “free” rewards and low barriers to entry. Criminals use these gimmicks to attract individuals, particularly those seeking quick profits. Once users download the app, they are encouraged to recruit others, creating a pyramid-like structure. Personal data is often harvested and sold, while victims are defrauded of their money.
Bybit, a leading cryptocurrency exchange, has distanced itself from the token. Rumors were flying around about Bybit rejecting Pi Coin, but the CEO pointed out that the digital asset never even tried to get listed on their exchange in the first place.
He made a good point, too: Legitimate crypto projects deal with concerns head-on instead of throwing around false accusations. For Bybit, it’s simple: They want to keep their users safe and steer clear of anything that smells like a scam.
Meanwhile, Pi Coin is currently experiencing a price meltdown. At the time of writing, Pi is swapping hands with $0.6624 after a 65% decline in the past 24 hours.