Pi Network has pushed back against accusations from Bybit CEO Ben Zhou, who recently labeled the project a scam. The controversy erupted after an X account claiming to be Pi Network’s “unofficial technical team” alleged that the exchange was losing its market position after Pi rejected a listing offer.

Zhou swiftly responded, dismissing the claim and stating that Bybit had never requested to list Pi Network. He doubled down by citing a 2023 Chinese government report warning against scams targeting the elderly, claiming that Pi Network fits the description. “Yes, I still think you are a scam, and no, Bybit will not list scam,” he declared.

A Pi Network spokesperson refuted the allegations, clarifying that there is no connection between the company and Bybit. They confirmed that Bybit never submitted a Know Your Business (KYB) verification request, a process required for listing evaluations. Furthermore, Pi Network distanced itself from the X account that triggered Zhou’s comments, stating it was not affiliated with the project.

Following Zhou’s accusations, Pi Network’s token (PI) saw sharp price fluctuations. It dropped from $1.84 to $0.61 on Feb. 20 but rebounded to an all-time high of $2.99 by Feb. 26.

Addressing Zhou’s reference to the Chinese police warning, Pi Network claimed that fraudulent actors impersonated its project and that it was never contacted by authorities regarding the matter. The company also defended its user count, stating that its 60 million “Engaged Pioneers” are verified app users, while over 100 million downloads are recorded on Google Play.

Despite ongoing skepticism, Pi Network continues to assert its legitimacy, dismissing accusations as misinformation spread by unaffiliated sources.