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 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.

The Pi network launch is here as PI Coin plunged nearly 100% within minutes of the highly-anticipated event. Can it recover?

Pi Network launched its Open Mainnet on February 20, 2025, experiencing initial price volatility and exchange listings while enabling users to conduct external transactions for the first time in its six-year history.