Bybit CEO Ben Zhou Snubs Pi Network Listing, Sparks Exchange Controversy

Ah, the enigmatic world of cryptocurrency, where every day is a new episode of “As the Blockchain Turns.” This week, we find ourselves in the midst of a delightful drama featuring none other than Bybit’s CEO, Ben Zhou, who has decided to play the role of the wise sage, rejecting any association with the infamous Pi Network. 🎭

In a move that could only be described as a mic drop, Zhou took to X (formerly known as Twitter, because who doesn’t love a good rebranding?) to announce that he had received a flurry of requests to list Pi Network on Bybit. But instead of rolling out the red carpet, he opted for a more diplomatic approach: a hard pass. His reasoning? A flashback to his forex days, where he was apparently the unwilling star of a reality show featuring disgruntled investors waving banners and demanding their money back. Talk about a nightmare! 😱

“A bunch of people asked me today if I wanted to list Pi. I said, ‘Don’t mess with me.’ Back when I traded forex, I had elderly investors waving banners demanding their money back. I don’t want that drama in crypto. I’ll keep my distance. Thanks,” reads the translated version of the tweet.

Now, let’s not kid ourselves—Zhou’s rejection isn’t just about dodging the drama. It’s a subtle nod to the underlying skepticism surrounding Pi Network. This project has been the subject of much debate, especially in China, where it was previously investigated for allegedly operating like a pyramid scheme. Because who doesn’t love a good pyramid scheme? They’re like the gift that keeps on giving—until they don’t. 🎁

While the Pi Network community is busy patting itself on the back for being a “revolutionary decentralized mobile mining project,” critics are quick to point out that its recruitment-driven model looks suspiciously like a multi-level marketing scheme. You know, the kind where your aunt tries to sell you essential oils at Thanksgiving dinner. 🥴

As exchanges begin to distance themselves from this project, Colin Wu, a Chinese crypto reporter, tweeted that Bybit’s refusal to list Pi came right after OKX decided to jump on the Pi bandwagon. It’s like watching a game of musical chairs, but instead of chairs, it’s exchanges, and instead of music, it’s the sound of investors holding their breath. 🎶

While OKX is moving forward with its Pi listing, other platforms are less enthusiastic. Bitget, for instance, has decided to quietly remove some of its promotional content related to Pi, as if they were trying to erase a bad tattoo. Oops! 😬

‘Where There’s Smoke, There’s Fire’

In the wake of Zhou’s tweet, the crypto Twitter community has been buzzing with opinions. One user wisely noted, “When controversy hits, exchanges pull back.” It’s like watching a bunch of cats scatter when you accidentally drop a can of tuna. 🐱

Another user chimed in with the classic adage: “When exchanges hesitate, it’s a red flag. Controversy isn’t just smoke—there’s usually fire. Vet thoroughly before diving in.” Wise words, my friends. Always check for fire before jumping into the flames! 🔥

Of course, Pi Network supporters are quick to defend their beloved project, claiming that the skepticism is unwarranted. They argue that major exchanges are merely taking a cautious approach due to Pi’s unconventional launch strategy, which has kept withdrawals and external trading locked until its full mainnet launch this month. According to the project’s website, Pi will go live on February 20 at exactly 8:00 UTC. Mark your calendars, folks! 📅

But despite the impending launch, many traders are still struggling to verify their accounts. One poor soul took to X, pleading with the project to verify his account or at least reopen the system for resubmission. It’s like waiting for a bus that never arrives—frustrating and a little bit sad. 🚌

2025-02-13 00:35

‘Where There’s Smoke, There’s Fire’

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