Bybit CEO Ben Zhou has declared Pi Network "more dangerous than meme coins." His statement triggered immediate backlash from the project's supporters.
Pi Network enthusiasts retaliated by downgrading the Bybit app on Google Play Store to 2.7 stars. The community response demonstrates the passionate defense of a project that has faced repeated criticism.
Zhou criticized Pi Network's lack of a functional product. He pointed to its absence from major cryptocurrency exchanges despite earlier listings on platforms including OKX and MEXC.
"The project's value depends on community expectations rather than fundamentals," Zhou stated. Pi Network lacks a fully operational blockchain after years of development. The network cannot be traded publicly, raising questions about its transparency and potential.
Zhou emphasized the danger of relying on community trust without tangible results. He warned of significant risks if Pi Network fails to achieve key milestones. The project has repeatedly delayed its mainnet launch and Know Your Customer (KYC) processes since inception.
Pi Network recently announced an open network on February 20, 2025. It extended its KYC deadline to March 14. Many users report unresolved technical issues and are requesting additional time for resolution.
Zhou argued that Pi Network poses greater risks than established meme cryptocurrencies. Projects like Dogecoin and Shiba Inu operate on established blockchain foundations with major exchange listings. These factors provide them with greater liquidity and market valuation than Pi Network. Zhou previously labeled the Pi project a "scam."
The criticism has shaken confidence among some Pi Network participants. "Bybit CEO Ben Zhou's statements about Pi Network reveal a deep lack of understanding and a superficial assessment of the crypto ecosystem," wrote X user s_nakotomo.
This incident follows a pattern of community retaliation against exchanges. Pi supporters previously targeted Binance with negative reviews after the exchange declined to list the token. Binance subsequently introduced a voting feature for token listings.
Meanwhile, Pi Network's token struggles to reach $2 amid bearish market indicators. At press time, PI coin traded at $1.43, showing less than 1% increase over 24 hours.