Bybit CEO Criticizes Pi Network, App Rating Drops 2.7 Stars

Bybit CEO Ben Zhou has sparked controversy by labeling the Pi Network as "more dangerous than meme coins." This statement has elicited a strong reaction from the Pi Network community, leading to a significant drop in the rating of the Bybit app on the Google Play Store to 2.7 stars.

Zhou's criticism of the Pi Network centers on the project's lack of a fully functional product. Despite being listed on platforms like OKX and MEXC, the Pi Network's PI coin has not been listed on major exchanges. Zhou argues that the value of the PI coin is largely driven by community expectations rather than fundamental factors. After years of development, the Pi Network still lacks a fully operational blockchain and cannot be traded publicly, raising questions about its transparency and true potential.

Zhou emphasized that relying on community trust and FOMO without a tangible product poses significant risks. If the project fails to achieve key milestones, such as launching a mainnet or gaining widespread adoption, it could lead to substantial losses for investors. The Pi Network has repeatedly delayed its mainnet launch and KYC processes, with the most recent open network announcement set for February 20, 2025. Additionally, the project extended its KYC deadline to March 14, but many Pioneers reported unresolved technical issues, calling for more time to address them.

In contrast, Zhou pointed out that meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB), while also community-driven, have established blockchain foundations and are listed on major exchanges. This gives them greater liquidity and clearer market value. Previously, Zhou had also commented that the Pi project was a scam.

The Pi Network community has responded negatively to Zhou's remarks, arguing that the assessment is unfair given that the project is still in its development phase and holds significant future potential. One community member, X user s_nakotomo, stated, "Bybit CEO Ben Zhou’s statements about Pi Network reveal a deep lack of understanding and a superficial assessment of the crypto ecosystem."

In retaliation, the Pi Network community downgraded the Bybit app’s rating on the Google Play Store to 2.7 stars. Zhou expressed hope that the Pi Network team would step forward publicly to clarify their project rather than resorting to personal attacks or targeting the exchange. This is not the first time the Pi community has lashed out at exchanges over unfavorable remarks