ByBit exchange CEO Ben Zhou continues to criticize Pi Network, stating it’s more dangerous than memecoins. He believes Pi Network targets those unfamiliar with the cryptocurrency market, leading to inflated expectations and high risks.
Potential Dangers of Pi Network
Zhou argues the lack of transparency regarding Pi Network’s development team and operating mechanisms raises significant concerns about the project’s legitimacy. He emphasizes that, instead of addressing criticism, Pi Network retaliates by attacking exchanges, like ByBit, which he views as unprofessional. This leads him to believe Pi Network is more focused on attracting attention than developing the project transparently.
Intense Community Response
Following Zhou’s statements, the Pi Network community reacted strongly by giving ByBit a 1-star rating on App Store and Google Play. Numerous negative reviews criticized the ByBit CEO’s perspective.
Similarities to Binance Incident
Previously, Binance also faced similar negative ratings from the Pi Network community. Many believe Binance exploited the Pi Network community to attract users without intending to seriously list the project.
Pi Network Price Fluctuation
As of March 10th, Pi traded around $1.39, experiencing a 12% drop in the past 24 hours. This decline mirrors the broader cryptocurrency market’s downward trend.
ByBit CEO’s Perspective – A Different View
Zhou believes that if Pi Network is legitimate and transparent, the development team should address the criticism and provide clear information to users. Instead, the project’s reaction is perceived as immature, further fueling doubts about its transparency.
Conclusion
Zhou’s views on Pi Network have sparked significant debate within the cryptocurrency community. The project’s lack of transparency, negative community response, and recent price decline raise questions about its legitimacy and future prospects. This serves as a lesson for other crypto projects to prioritize transparency and build investor trust.
