Leggi questo articolo in Italiano
Pi Network: Watch out for scams! Bybit says no and the value is crazy
By Daniele Corno
After the launch of the Pi Network token on the mainnet, discussions continue: Crazy value without supporting liquidity and a strong NO from Bybit
A launch with many doubts
The day before, the PI Network token project was launched, with many controversies attached. The project, which is presented as a smartphone mining platform, is at the center of numerous controversies, including a rather dubious launch and direct accusations of “scam”.
Firstly, according to self-declared but unproven information, the max supply of the PI token is 100 billion units, of which 6.3 billion are in circulation. This has raised many doubts following the value at launch, with prices reaching $2 dollars at their peak, and a consequent FDV (value on max supply) close to $200 billion. Within 24 hours of launch, the token lost almost 70% of its value, trading at $0.66.
Although with a CRAZY valuation, what can be seen is that, following the listing on exchanges such as OKX, Bitget and GateIO, the liquidity of the token would be negligible.
In fact, as reported by CoinmarketCap, the liquidity included in the range between +2% and -2% of the exchange prices would be a few thousand dollars. With these values, it is unthinkable to attribute a capitalization in the order of billions since, with a few thousand dollars for sale, the price could collapse on itself.
Doubts? For the CEO of BYBIT we are talking about a real SCAM
While the “project” is being discussed and many platforms are proceeding with the listing in order to guarantee commissions on trading volumes, the CEO of Bybit strongly opposes it.
Ben Zhou has in fact opposed the listing, stating that BYBIT will not list a SCAM project.
In a post on X, Zhou mentions an investigation by the Chinese police that identifies PI Network as a scam targeting the elderly. According to reports, it involves the theft of personal data in exchange for free earnings.
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
Once again, even if we’re only talking about assumptions, we can see how this sector is exploited on a large scale for scams and manipulation. Now more than ever, it’s important to learn how to protect ourselves, without falling into traps disguised as simple and free earning opportunities.
