Bybit's CEO Ben Zhou has labeled the Pi Network a scam, referencing a 2023 warning from Chinese police regarding the project targeting elderly individuals scams. Zhou criticized the referral scheme and token lock-up offerings of the network as reminiscent of Ponzi schemes like Bitconnect. He announced that Bybit would not list the Pi Network's PI token, which launched amid controversy. Despite lauding initial trading volume on exchanges like OKX and Gate, the PI token has plummeted over 60% since its peak, raising alarms about its sustainability. Zhou highlighted concerns on social media, emphasizing other reports questioning the project's legitimacy and pointing out that its marketing practices rewarded user recruitment in a manner akin to schemes considered fraudulent within the crypto space. This situation has intensified scrutiny as the token's fully diluted market cap soared to as high as $200 billion during launch, only to be met with skepticism as it continues to drop significantly in value.

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