Pi Network clarifies the facts after Bybit claims it is a scam, Pi Network rises 96%

After the launch of the main network of Pi Network, its currency fluctuations have attracted much attention. Bybit founder Ben Zhou recently criticized Pi Coin as a scam, causing an uproar. Pi Network immediately issued a statement denied the allegations and clarified the misunderstanding. Since then, Pi Coin prices have rebounded strongly, up 96%, and are currently hovering around $1.5.

Controversy over the association between Bybit and Pi Network

The controversy originated from Zhou's comments, citing a warning issued by Chinese police in 2023, pointing out that Pi Network is suspected of fraud and said that Pi Network collects user data, causing economic losses. Zhou also denied that there was a cooperation between Bybit and Pi Network or the negotiation of launching Pi Coin.

Pi Network's response and clarification

Pi Network responded that the target of Chinese police was criminals who pretended to be Pi Network for fraud. Pi Network itself has nothing to do with these illegal acts and the police have never contacted them. They strongly deny any fraudulent activities carried out in their name and stressed that they have no relationship with Bybit or Ben Zhou, and have never had any business dealings with Bybit.

Pi Network emphasized that it has been developing for six years, with more than 60 million users, and has been carefully crafted for a long time before it officially launched the main network.

Pi Coin price fluctuates violently

After the release of Pi Network's response, Pi Coin price first fell 50% due to selling pressure, and then rebounded strongly, with an increase of 100%. Since the main network was launched, Pi Coin price has fluctuated violently, once falling from $1.5 to $0.7, a drop of 55%. Prices are currently backing to about $1.50, up 120% from recent lows.

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