Bybit CEO says Pi Network more dangerous than meme coins

Bybit co-founder and CEO Ben Zhou has warned that Pi Network poses a greater risk than meme coins by targeting individuals unfamiliar with cryptocurrency

Bybit co-founder and CEO Ben Zhou has warned that Pi Network poses a greater risk than meme coins by targeting individuals unfamiliar with cryptocurrency and raising unrealistic expectations.

“Many people have asked if Bybit will list Pi. While we have not interacted much with the project, we have conducted basic evaluations as we do with other cryptocurrencies,” Zhou told VnExpress.

Zhou has been praised in recent weeks for leading Bybit through the aftermath of what has been dubbed “the biggest digital heist ever” that saw hackers steal $1.5 billion from it late February.

Experts have identified the Lazarus hacker group as the perpetrators, who exploited vulnerabilities in the multi-signature wallet service Safe.

Zhou emphasized the importance of transparency in the cryptocurrency market, stating that Bybit’s recovery from the hack was partly due to its commitment to clear user asset management and its direct engagement via livestreams.

But such transparency is absent in Pi Network, he pointed out.

“It is strange—you cannot find the team behind the project. They mention someone from Stanford, but you have never seen or heard them speak about it.

“I hope the founders or management team will step forward, maybe host a livestream, so that people like me can understand the project. Instead, they have chosen to attack me and Bybit.”

Zhou also questioned Pi Network’s long-term viability, noting that the project has existed for years but has failed to meet its promises.

“They advertise that by pressing a button, you can earn a lot of money. But they never explain how those returns are generated.

“Many people have received nothing, while leaks of internal information occasionally surface.”

He has also suggested that Pi Network operates like a Ponzi scheme where later investors fund earlier ones. Pi Network is more dangerous than meme coins because it attracts users who lack knowledge about cryptocurrency, he said.

Meme coins such as Dogecoin and Shiba Inu are digital assets created as internet jokes, often based on celebrities, animals or viral trends. They lack technological value or real-world utility and are typically used for entertainment or speculative trading, with prices fluctuating dramatically.

“Meme coins are a known risk. Everyone involved understands the volatility and takes responsibility for their decisions,” Zhou said. “But with Pi, the project draws in a large number of people without offering any transparency about what’s really happening.”

On Feb. 12 Zhou announced on X that Bybit would not list Pi, explaining that doing so could lead to disputes with older investors who bought the token at a higher price demanding refunds if they faced losses.

His remarks sparked criticism on social media, with Pi supporters claiming that Bybit “did not meet standards” and was not authorized to list Pi. Pi Network rejected Zhou’s criticism, but said it had no connection to social media accounts attacking him.

Binance, the world’s largest cryptocurrency exchange, has been flooded by one-star reviews on Google Play and the Apple App Store. The backlash came after supporters expressed frustration over Binance’s lack of progress in listing the token despite a poll in March showing majority support for its listing.

Launched in 2019, Pi Network has been positioning itself as a new cryptocurrency that can be mined for free by users who tap a button in its mobile app daily. Vietnam is among the countries with the largest number of Pi miners.

The project has been the subject of controversy for its delayed mainnet launch, which took nearly six years to complete. Finally, on Feb. 20, Pi Network allowed users to transfer Pi to exchanges for trading.