Pi Community has been within the highlight after its mainnet launch and up to date feedback from Bybit CEO Ben Zhou calling Pi Coin a giant rip-off. In the meantime taking a powerful stand towards such allegations Pi Community lately stepped ahead to clear misunderstandings. Since then, Pi Coin’s value has surged 20%, now hovering round $0.77.
Bybit CEO Allegation
A current controversy stems from Ben Zhou’s feedback, who pointed to a 2023 warning from Chinese language police that known as Pi Community a rip-off. The police mentioned Pi Community focused aged folks, collected their information, and prompted monetary losses, together with their pensions.
Moreover, Zhou additionally denied claims about Bybit and Pi Community. He mentioned it’s not true that Bybit didn’t ask to listing Pi or that Pi refused Bybit
Pi Netowk Dismiss All The Claims
In response to this allegation, Pi Community defined {that a} native police division in China had issued a warning about scammers pretending to be a part of the Pi Community mission.
Nonetheless, the Pi workforce made it clear that they’d no connection to those unhealthy actors and have been by no means contacted by the police about this subject. In addition they strongly dismiss any fraudulent actions performed of their identify.
Additional, Pi Community additionally said that they don’t have any relationship with Bybit or Ben Zhou. They even confirmed that they haven’t been requested to confirm Bybit’s enterprise in any approach.
Pi Community has been in improvement for six years and has constructed a powerful group of over 60 million customers. The workforce defined that they took their time to create a stable mission earlier than launching totally.
Pi Coin Surge by 20%
After Pi Community’s response, the worth of Pi Coin saw a 20% recovery after initially dropping by 50% on account of heavy promoting strain and the unfavourable influence of the Bybit CEO’s remark labeling it a rip-off.
Nonetheless, Pi Coin has skilled important volatility since its mainnet launch. It began buying and selling at $1.50 however rapidly dropped by 55%, reaching round $0.70.
Maybe, it has since proven some restoration, at the moment buying and selling at roughly $0.77, reflecting a 14% improve from its current low.