Bybit CEO Ben Zhou has labeled Pi Network a scam, referencing a 2023 Chinese police warning that accused the project of exploiting elderly users and leaking personal data. Zhou confirmed that Bybit will not list the PI token, which has already dropped over 60% since launch. Critics compare Pi Network’s referral system and token lock-up model to past Ponzi schemes like Bitconnect and HexDespite concerns, exchanges like OKX, Bitget, and Gate continue facilitating PI trading, volume passing $620 m