The Pi Network team responded to allegations from Bybit CEO Ben Zhou, who called the app a scam, in a statement to Cointelegraph.

The controversy began after a post from an X account called the “Unofficial Technical Team of Pi Network,” which claimed that the platform had rejected a listing offer from Bybit, alleging that the exchange was “losing market position.”

Zhou denied this claim and called the project fraudulent, citing a 2023 warning from Chinese police about scammers allegedly linked to Pi Network.

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

A Pi Network representative denied any connection to the report, stating that the document referred to criminals impersonating the project.

Pi Network confirmed that the team has no relationship with Bybit or its management. The company also stated that the provocations came from an account not affiliated with the project.

The developers also responded to criticism regarding their user base. According to them, 60 million active participants are a real audience, while total downloads on Google Play have surpassed 100 million.

They emphasized that the 10.8 million wallets recorded by the blockchain explorer only reflect users who have completed verification and created a wallet.

Previously, in 2021, Vietnamese authorities launched an investigation into the project over an alleged leak of user data online.