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Summary
Topics: Ben Zhou, CEO of cryptocurrency exchange Bybit, publicly stated in February 2025 that Pi Network is scamHe justified this by citing a Chinese police warning from 2023 and arguing that the project resembled a Ponzi scheme.
Reality: There is a big difference between Zhou’s claims and the reality. Zhou has his own financial and reputational interests – including the fact that Bybit itself faced a massive hack. The Pi Network community responded with a coordinated attack on the Bybit app.
Conclusion: Both sides have a conflict of interest. Zhou is not a neutral observer – he is the CEO of an exchange that is involved in destabilizing the competition. Pi Network is not without its flaws, but controversial claims without full context can be misleading.
Series of articles
"Conflict of Interest in Crypto Media"
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- Future Part 3: "How to recognize a conflict of interest in crypto analytics?"
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Article content
Estimated reading time: 1 bill
- Summary
- "Conflict of Interest in Crypto Media"
- Audio and video overview [Czech]
- Audio and video overview [English]
- Timeline: How the war broke out
- Analysis of Zhou's claims
- Conflict of interest: Who has what at stake?
- Objective analysis: Who is right?
- Controversial points that are not addressed
- Conclusion: Neither side is clean
- What does pibazar.eu conclude from this?
- Resources
- Related articles …
- PiNetwork
Audio and video overview [Czech]
Audio and video overview [English]
Timeline: How the war broke out
| Date | Party | What happened | Status |
|---|---|---|---|
| 20.2.2025 | Ben Zhou (Bybit CEO) | Declared Pi Network a “scam,” refused listing | Confirmed – CoinDesk, Finance Magnates |
| 20.2.2025 | Anonymous X account ("Pi tech team") | He claimed that Pi rejected Bybit listing | INJUSTICE – Both Pi and Zhou confirmed that Bybit never requested |
| 27.2.2025 | PiNetwork | She issued a statement denying her relationship with the anonymous account | ✓ Verified – Cointelegraph |
| 9.3.2025 | Pi community | She flooded the Bybit app with one-star reviews | ✓ Verified – Rating dropped from 5 to 2,7 stars |
| 13.3.2025 | Ben Zhou | He doubled down on criticism: “Pi is more dangerous than memecoins” | ✓ Verified – Bitpinas |
Analysis of Zhou's claims
Claim 1: “Pi Network is a scam”
What Zhou claims:
- Citing a 2023 police warning from Chinese authorities
- The warning allegedly warned that Pi Network was targeting seniors and stealing their data.
Reality:
- The source is real: The 2023 police warning actually exists
- BUT: Pi Network claims that it was Fraudsters impersonating Pi Network, not an official project
- Definitely: No Chinese police have contacted the Pi Network Foundation directly.
Status: ⚠️ Misleading – Zhou quotes the actual warning but leaves out the context that according to Pi it is a fake business.
Claim 2: “Pi Network is a Ponzi scheme (like Bitconnect/HEX)”
What Zhou claims:
- Pi Network's mining model resembles Ponzi schemes
- Users are lured into clicking a button with the promise of big profits
- The referral model disadvantages later entrants
Reality:
- Analytical concern: Zhou isn't the only one who thinks this – CoinDesk, CryptoPotato, and other sources report similar concerns
- But empirically: Pi Network has 100+ million downloads and ~10,8 million verified users on mainnet. If it were a Ponzi, it would probably collapse sooner.
- The problem Zhou does not state: Bybit itself faced a hack by the Lazarus Group in February 2025 for $1,5 billion – his position as a “security guard” is therefore debatable
Status: ⚠️ A valid concern, but inaccurate – It is an opinion, not a scientifically proven fact.
Claim 3: “Founders never appear publicly”
What Zhou claims:
- The Pi Network team is anonymous
- They mention the Stanford man, but he never appears publicly.
- Invites them to participate in the live stream
Reality:
- TRUTH: The Pi Network team is indeed largely anonymous and without public appearances.
- But: Anonymity in blockchain and crypto is not in itself evidence of fraud (Satoshi Nakamoto's Bitcoin was also anonymous)
- Hypocrite: Zhou criticizes anonymity, but Bybit has the same problem – its founder Akira Yi has long been unknown, and Zhou himself is not particularly transparent about personal matters.
Status: ✓ True, but selectively applied – Zhou should apply the same standard to all projects, not just those that don't suit him.
Claim 4: “Bybit never requested a listing”
What happened:
- Unofficial X account posing as “Pi Network technical team” claimed that Pi rejected Bybit listing
- Zhou denied this, claiming that Bybit never requested
- Pi Network later confirmedthat the account is not associated with it
Reality:
- VERIFIED: Both Zhou and Pi Network agree – Bybit did not apply for listing
- Problem: Unofficial Pi account attempted manipulate the public
- Consequence: Zhou had the right to look critically
Status: ✓ Zhou was right, but...
Conflict of interest: Who has what at stake?
Ben Zhou (Bybit CEO)
Financial interests:
- Bybit strives to serve as a “responsible exchange” (as opposed to a Wild West crypto marketplace)
- Pi Network without listing = safer position for Bybit
Reputational interests:
- Defending itself as a user protector increases Bybit's credibility
- Criticism of Pi = distraction from Bybit's own hack
Transparency:
- ✓ Zhou is public and communicates openly
- ✓ Cites specific sources (Chinese warning messages)
But – The Big Scandal:
- Zhou criticizes Pi Network for security
- Meanwhile, Bybit was hacked in February 2025 for $1,5 billion
- How does Zhou comment on Pi's security when Bybit doesn't have its own house in order?
PiNetwork
Financial interests:
- Listing on Bybit would increase visibility and liquidity
- Zhou's criticism will take away this opportunity.
Reputational interests:
- Negative publicity from a big CEO damages image
- Condemnations spread in traditional media
Transparency:
- ✗ The team is anonymous
- ✗ They have not met promised milestones for a long time
- ✗ The official response is reactive rather than proactive
Problematic behavior:
- Pi community responded with a coordinated attack – by flooding the Bybit app with number one reviews
- Bybit rating dropped from 5 stars to 2,7 stars
- That's not an argument - that's mob mentality
Objective analysis: Who is right?
| Aspect | Ben Zhou | PiNetwork | Reality |
|---|---|---|---|
| Team anonymity | Criticizes | Defends | Both sides have a point – anonymity is not the fault |
| Security record | Criticizes Pi | Here: Bybit itself was hacked – Zhou loses credibility | |
| Ponzi scheme | Claims | Denies | Unprovable without longer-term data |
| Transparency | Zhou – HIGH | Pi – LOW | Pi has room for improvement |
| Motivation | Adequate | Legitimate business interests | Both have a conflict of interest |
Controversial points that are not addressed
1. Bybit hacking and Zhou's credibility
Zhou criticizes Pi Network for security risks, while Bybit was hacked for $1,5 billion by the North Korean Lazarus group in February 2025.
Question: How can Zhou criticize anyone else's security when his stock market didn't capture $1,5 billion?
2. Pi community and mob mentality
The Pi Network community responded to Zhou's criticism by flooding the Bybit app with one-star reviews. Bybit's rating dropped from 5 to 2,7 stars.
Problem: Arguing things is not a confrontation – it is an emotional attack. Both sides are behaving unethically.
3. The Unofficial Pi Account Lies
An unofficial X account posing as “Pi technical team” lied about the Bybit listing. Pi Network later denied this.
Problem: Pi Network is not officially blaming its unofficial backers. They should.
Conclusion: Neither side is clean
Ben Zhou:
- ✓ Has legitimate concerns about security and transparency
- ✗ But his own exchange was hacked for 1,5 billion – he lost credibility
- ✗ Didn't give Pi Network a chance to explain
- ✓ Was transparent in communication
Pi Network:
- ✓ Has legit reasons against Zhou's criticism (unofficial accounts)
- ✗ But the team is truly anonymous and inaccurate in their communication
- ✗ The community acted like a mob, not an argument
- ✗ Officially not going to change
What does pibazar.eu conclude from this?
This case is A sample case of conflict of interest in the cryptocurrency industry:
- No side is neutral – Zhou has Bybit interests, Pi Network has growth interests
- Transparency is key – Zhou communicates publicly, Pi is unnecessarily silent
- Mob mentality is not an argument – The Pi community has gone more wrong than Zhou's claims
- Safety is important – but Zhou loses credibility when Bybit itself was not secure
From pibazar.eu: Trust data, not personalities. Verify claims – no matter who makes them.
Resources
- CoinDesk: "Bybit CEO Labels Pi Network a Scam" (2025-02-25)
- Finance Magnates: "Bybit CEO Labels Pi Network a Scam" (03/04/2025)
- Cointelegraph: "Pi Network responds to Bybit CEO's scam allegations" (27/02/2025)
- VietnamNet: "Pi Network token plunges, community retaliates against Bybit" (9/3/2025)
- Bitpinas: "Bybit CEO Ben Zhou Warns Pi Network is More Dangerous" (11/03/2025)
- CryptoPotato: "Bybit CEO Ben Zhou Slams Pi Network" (2025-02-20)
- Binance.com: "Pi Network Under Fire: Is It the Future of Crypto or a Scam?" (13/03/2025)
Publications: 13. November 2025
Status: VERIFIED – Timeline and all claims checked
Series: Part 2 – Conflict of Interest in Crypto Media
Related articles …
PiNetwork
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