Bybit CEO Ben Zhou said Thursday that his exchange will not list the Pi Network's PI token, which was controversially released on Thursday, citing a Chinese police warning from 2023 that alleged the project was a scam targeting elderly people, leaking their personal information and leading to the loss of their pensions.

Pi Network’s mainnet launch overshadowed by Bybit CEO’s harsh criticism. On Thursday morning, the Pi coin was officially listed on several exchanges, including OKX, Gate.io, B

Bybit CEO Ben Zhou criticized the Pi Network, calling it a scam. Zhou cited a 2023 Chinese police warning alleging the project targets the elderly.

Pi Coin has been making headlines following the much-anticipated Open Mainnet launch on February 20, 2025. Within hours of going live, Pi was listed on major exchanges . But what followed was a rollercoaster—its price surged past $2 initially, only to crash by over 55% to around $0.78 in less than a day.

The Pi Network mainnet launch has generated considerable market trading for the Pi Coin that saw pump and dump leaving investors on edge.

Pi Network’s native token, PI, dropped more than 65% following the project’s highly anticipated mainnet launch. On Feb. 20, Pi Network announced that its “Open Network” had officially launched. The project said this allowed users to access centralized exchanges and other businesses beyond its ecosystem.