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

Pi Network's (CRYPTO: PI) native token, PI, plunged more than 65% after the highly anticipated mainnet launch.

What Happened: On Feb. 20, Pi Network announced that its “Open Network” had officially launched.

This move allowed users to access centralized exchanges and other businesses beyond the Pi Network ecosystem.

At the same time, the project listed the PI token on several crypto trading platforms. Bitget, OKX and MEXC opened trading for the asset on Feb. 20.

With users now able to trade their tokens, the price of PI quickly dropped from a high of $1.84 to $0.64 at the time of writing.

Ben Zhou Says Bybit Will Not List PI: As some exchanges listed the PI token, Bybit took a different stance.

In a post on X, Ben Zhou, CEO of Bybit, accused the project of being a scam.

Zhou cited a warning from the Chinese police. In 2023, Chinese authorities warned users to stay away from the project, describing it as a “scam” that targeted the elderly.

Zhou went on to challenge the Pi Network team to address the reports questioning the project's legitimacy. He also said that Bybit did not request to list the PI token.

“We have never applied to list $PI, and we will not list it,” the Bybit CEO stated, adding, “Please stop spreading rumors and wasting our time.”

Pi Network did not immediately respond to Benzinga's request for comment on Zhou's statements.

Pi Network is a mobile-first cryptocurrency project that allows users to mine the cryptocurrency directly from their phones, as opposed to the energy-intensive hardware typically used in crypto mining.

The project claims to have more than 60 million users. However, blockchain explorers show only 9.1 million users.

While the project is touted as being decentralized, the network is still controlled by the Pi Network core team, with no signs of independent validators joining the network yet.