Pi Network’s native token, PI, plunged more than 65% following its long-awaited mainnet launch, sparking concerns about the project’s legitimacy and sustainability.
Pi Network Goes Live, Token Prices Collapse
On February 20, Pi Network announced the launch of its “Open Network,” stating that users could now access centralized exchanges and other external platforms beyond the Pi ecosystem.
The same day, the project listed the PI token on several crypto trading platforms, including Bitget, OKX, and MEXC, enabling users to trade their holdings for the first time.
However, PI’s price plummeted rapidly, dropping from a high of $1.84 to $0.64 at the time of writing. The dramatic sell-off underscored liquidity concerns as early holders rushed to exit their positions.
Bybit CEO Labels Pi Network a “Scam” and Declines Listing
While some exchanges moved forward with listing PI, Bybit CEO Ben Zhou took a firm stance against the project.
Posting on X (formerly Twitter), Zhou accused Pi Network of being fraudulent, citing a 2023 warning from Chinese authorities, which described the project as a “scam targeting elderly people.”
Zhou further challenged the Pi Network team to publicly address these allegations, stating that Bybit never requested to list PI and dismissing claims that the exchange failed to meet the project’s listing criteria.
“Bybit had made no listing request to $PI and the claim that $PI refused Bybit listing or Bybit did not pass some sort of KYB of $PI is completely nonsense,” Zhou wrote.
He emphasized that Bybit has no plans to list the Pi Network token.
Legitimacy Concerns Loom Over Pi Network
Pi Network has gained significant traction for its mobile-based cryptocurrency mining model, which allows users to mine PI directly from their smartphones—a stark contrast to traditional energy-intensive blockchain mining methods.
The project claims to have over 60 million users, but Blockchain Explorer data shows only 9.1 million users, raising questions about its actual adoption.
Additionally, while Pi Network presents itself as a decentralized project, the network remains controlled by its core development team, with no evidence of independent validators participating in the network—a key feature of decentralized blockchain ecosystems.
Uncertain Future Amid Trust Deficit
Pi Network’s mainnet launch was expected to be a milestone event, but instead, it has raised red flags within the crypto community. With market confidence shaken and key industry figures questioning its legitimacy, the project’s next steps will be crucial in determining whether PI can recover from its post-launch collapse.
