When a CEO openly criticizes: fraud accusations against Pi Network intensify

Just twenty-four hours after the launch of Pi Network’s mainnet, the market has already begun to show signs of weakness. The token’s value has experienced a dramatic crash, falling below one dollar and recording a massive loss. Meanwhile, strong critical positions are emerging from the crypto industry, with some leaders outright rejecting the project.

Public Rejection and the Reasons Behind the Skepticism

A senior industry executive recently expressed clear skepticism towards Pi Network, explicitly describing it as a fraudulent attempt. Previously, he had already communicated his reluctance to collaborate with the project, describing its approach as “ridiculous.” During an interview, he explained that his experience in the currency exchange market had made him aware of the risks associated with opaque schemes. From his perspective, the world of cryptocurrencies should stay away from these questionable models.

Converging Evidence on the Questionable Nature of the Project

Criticism does not come solely from personal opinions. In 2023, Chinese police authorities issued an official statement classifying Pi Network as an organized scam. According to the report, the project mainly targeted the elderly population, collecting sensitive personal data and causing significant financial losses, including the liquidation of pension savings. In addition to this official warning, numerous reports and independent analyses circulate, questioning the credibility and sustainability of the project’s economic model.

The Firm Position of the Industry

Critical voices have triggered reactions from the Pi Network supporter community, with some attempting to delegitimize the accusations by claiming that certain exchanges requested the listing but were rejected. However, such claims have been promptly denied. The leader who expressed rejection emphasized that Pi Network should directly address the accusations rather than trying to discredit those who raise them.

Ben Zhou remains adamant on the matter: his exchange will not quote projects classified as scams, regardless of external pressures. This stance reflects a broader industry commitment to maintaining ethical standards and protecting investors from potentially harmful schemes. While the Pi community continues to seek recognition in major markets, the resistance from key figures in the crypto sector underscores legitimate concerns regarding the transparency and reliability of the project.