"Today many people asked me if I joined Pi. I said stop making fun of it," Ben Zhou wrote on X on February 12, local time. He also recalled that he used to do forex trading and got into trouble when older people asked for refunds after losing money.
“I really don’t want to be involved in this crypto world. Stay away,” Zhou added.
The statement of Bybit CEO appeared right after Pi Network announced that it would "Open Network" on February 20, allowing Pi owners to trade with other cryptocurrencies after 6 years of development. Some exchanges such as OKX, Mexc, Biget have announced listing Pi, but Bybit still maintains its stance of not participating.
Ben Zhou's post was accompanied by an analysis by CryptoInsight expert Haotian on Pi Network. According to Haotian, the project is popular in markets with low financial literacy. Slogans like "one Pi equals one Bitcoin" have created a misunderstanding about the actual value of the currency.
Mr. Haotian also criticized the fact that some exchanges listed Pi but ignored cryptocurrencies with real technological value, considering this a sign of declining liquidity, forcing exchanges to find ways to attract new users.
"It's basically a game of 'who can draw faster', and everyone thinks they can be faster than the others," Haotian commented.
Mr. Zhou and Haotian's posts have drawn mixed reactions, with some saying that Bybit is not allowed to list Pi, which is why they are making negative comments.
Pi Network was introduced in 2019 with a model that allows users to "mine Pi" for free by checking in daily on the application. Vietnam is one of the markets with many participants, constantly in the top 3 countries with the most visits to the project website, according to Similarweb.
However, the project has been controversial for maintaining a "closed mainnet" model for a long time, making it impossible for users to trade their Pi coins. Pi Network claims to have more than 60 million users, but many people report that the identity verification and Pi transfer process often fails, lasting for months.
In Vietnam, domestic authorities have also warned that Pi Network's activities show signs of a multi-level marketing model, calling on people to be cautious before invitations to participate with promises of unusually high profits.
In Vietnam, representatives of the State Bank have repeatedly sent out the message: Bitcoin and other similar virtual currencies are not legal currencies and payment methods in Vietnam. The issuance, supply, and use of Bitcoin and other similar cryptocurrencies as payment methods are acts that are not in accordance with current laws.
