- Pi Coin’s $12B market cap rises despite missing tokens, KYC delays, and scam allegations.
- Bybit’s CEO calls Pi Network a scam, while Binance listing rumors fuel speculation.
Pi Coin has taken the crypto world by storm, reaching a $12 billion market cap despite ongoing issues. The token’s rapid rise has sparked speculation about its sustainability, fueled by Binance listing rumors and security concerns.
Meanwhile, as previously mentioned in our report, Bybit’s CEO has openly called Pi Network a scam. As migration failures and missing tokens frustrate users, questions about the project’s legitimacy continue to grow.
Pi Coin Shows Volatile Market Performance
Pi Network launched its mainnet on February 20, marking the first time its native token became tradable. The market response was explosive, with Pi Coin surging from $1.45 to $2.10 within an hour. However, the momentum quickly faded, and the price crashed to $1.01, cutting its market cap to $7.02 billion.
Since then, Pi Coin has seen extreme price swings but remains among the top cryptocurrencies. By March 12, it reached $1.71, reflecting a 45% drop from its all-time high of $2.99. Despite this decline, Pi Coin’s market cap grew to $12.26 billion, making it the 11th largest crypto asset.
Exchange support has played a key role in Pi Coin’s liquidity. Platforms like OKX, Bitget, Gate.io, and MEXC have listed the token, with Gate.io handling over $200 million in daily trading volume. However, top-tier exchanges such as Binance and Coinbase have yet to list Pi Coin, limiting its market reach. As we covered in our latest report, Binance may list it on March 14, aligning with Pi Network’s anniversary.
Bybit’s CEO Labels Pi Network a Scam
Pi Network’s rapid growth has not silenced its critics. Bybit CEO Ben Zhou has openly dismissed the project, calling it a scam. He cited concerns over data privacy, lack of transparency, and misleading promises to users. Zhou also criticized Pi Network’s mining model, comparing it to a Ponzi scheme that benefits early adopters while newer users face uncertainty.
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
Bybit has denied any plans to list Pi Coin, contradicting claims made by some in the Pi community. Zhou argued that Pi Network has failed to deliver on its promises despite operating for years. He also questioned the credibility of its leadership, stating that no one has publicly verified their claims of Stanford affiliation.
Pi Network responded, distancing itself from online attacks on Zhou and denying any misconduct. The team claimed that reports linking it to scams were based on bad actors misusing the Pi name. However, they offered little in the way of transparency regarding their blockchain infrastructure or long-term sustainability.
Pi Network Users Frustrated Over Missing Tokens and KYC Issues
Many Pi Network users have reported missing tokens and migration delays, causing widespread frustration. Some claim their balances disappeared after unlocking, while others unknowingly sent funds to scam addresses. Phishing attacks have also led to significant losses.
Despite completing KYC verification, many users remain unable to transfer their tokens before the March 14, 2025, deadline. A blockchain developer criticized Pi Network’s infrastructure, calling the process misleading and questioning its decentralization.
KYC verification has become a major hurdle, with users struggling to complete the process. Pi Network announced that unverified users would lose most of their mobile balances after the deadline.
Crypto enthusiast Rod Thompson expressed concerns, stating he could lose over 10,000 Pi coins due to referral issues. Many users claim their KYC applications have been pending for years without an option to reapply. Others noted that Pi Network profits from ad revenue while delaying token access.
Despite these frustrations, Pi Coin’s price surged 8.53% in 24 hours, trading at $1.70. Analysts attribute this to speculation ahead of Pi Day on March 14. While rumors suggest Binance might list Pi soon, Gemini is expected to make a major announcement on March 13.
