Pi Network responded to a controversy triggered by a post of the CEO of Bybit, Ben Zhou, contesting the legitimacy of the project and accusing him of being a scam.
On February 20, an X account described itself as the “unofficial technical team” of Pi Network allegedly alleged that the project had rejected an offer to register for the Crypto exchange and that Bybit “lost its position” on the market.
Responding to provocation, Zhou accused the Pi network of being a “scam”, citing a report in 2023 of the Chinese authorities warning the users of a project targeting the elderly. “Yes, I still think you are a scam, and no, the Bybt does not lists the scam,” wrote Zhou.
Zhou also said that Bybit had never submitted a registration for registration for the PI network and challenged the project to prove its legitimacy by attacking the previous reports which questioned its operations.
Bybit did not submit a request for registration to the PI network
In a statement to Cintelelegraph, a spokesperson for the PI network refused any relationship between the company and Bybit and confirmed that Bybit had not asked to check the verification of your business (KYB), in which external companies are examined to guarantee that ecosystem transactions occur between the verified participants.
The spokesperson confirmed the Zhou declaration, saying that the PI network “was not invited to Kyb Bybit.” The company also said that there is no relationship between the PI network, Bybit or its CEO.
The company added that it was not affiliated with the X account which caused Zhou. “Mr. Zhou publications concerning the PI network seem to have been in response to the publications published by an individual who is not affiliated with the PI network,” the spokesperson told Cointelegraph.
Zhou’s publication of social media was followed by a drop in prices from the PI network (PI). On February 20, the token went from a summit of $ 1.84 to a minimum of $ 0.61. However, the token jumped in the following days, reaching a new summit of $ 2.99 on February 26.
Pi network price that. Source: Coingecko
In relation: Bybit raises the curtain on liquidation data according to the underestimated figures
The PI network tackles the police warning and the user base inflation claims
Pi Network also responded to the warnings of the Chinese police referenced by Zhou, saying that the reports involved fraudulent actors who usurped the identity of the PI network rather than the company itself:
“To be very clear and to avoid any ambiguity, the PI network is not affiliated, has not authorized and has had no activity related to the police warning, and the PI network was not contacted by any police service in China concerning this incident.”
The spokesperson added that Pi Network has sentenced one of the alleged activities of any bad actor.
The company also discussed criticism on its number of users, a frequent point of contention among skeptics. The spokesperson said the 60 million users he announced are users of applications.
PI also pointed out that in the Google Play Store, the application has already exceeded 100 million downloads. “The number of pioneers engaged of 60 million is in fact much lower than the total number of users recorded on the application, which is a measure that many companies generally share,” said the spokesperson.
As for the 10.8 million users shown by Blockchain Explorers, a number often used by criticisms for Saper Pi, the company said it was the total number of users who have already created portfolios on the blockchain.
Pi Network said that the number is less than their committed users because mobile applications users must perform several steps, including checking your customer to create a portfolio and receive their PI on the plunge.
https://www.youtube.com/watch?v=TVMMJ6RR4SO
Review: Ox linked to 3ac.
