Is Pi Network's Pi Coin just a scam targeted towards elderly folks? Founder shares key cryptic message ahead of grace period deadline

In a purported war of words with Ben Zhou, Co-founder and CEO of Bybit, Chengdiao Fan, Founder and Head of Product at Pi Network, in a cryptic message, has shared a message on X, urging Pioneers to stay focused and not let external noise disrupt their journey. "Pioneers, don't let the noises disrupt you, focus on what matters and what makes the difference in the world. Keep working and keep trading, and everything else will follow. Let's show the world a different path to crypto and the power of Pi Network in the new era of open network," she said on X.

The response came days after Bybit CEO Ben Zhou and few other crypto experts labelled the crypto network project a scam. He said on X that Pi Network is a scam targeted towards "elderly folks". He even challenged the Pi Network founders to come forth and address these issues if the project is legitimate and straight up.

"Here is a official police warning of $Pi from Chinese police back in 2023 warning to the public that it’s a scam targeted towards elderly folks https://hengyang.gov.cn/gaj/jqts/20230705/i3046572.html which leaks their personal data and loss of their pension. There are multiple other reports out there questioning the project legitimacy. Bybit had made no listing request to $PI and the claim that $PI refused bybit listing or Bybit did not pass some sort of KYB of $PI is completely nonsense. If the project is legitimate and straight up, then you should come forth and address these report so everyone can understand, but instead you choose to make up shit and do these childish attack with no ground. Yes, I still think you are a scam, and no, Bybit will not list scam."

In a significant update, Pi Network has announced a final extension of its grace period to 8:00 am UTC on March 14, 2025, which coincides with the network’s 6th anniversary. The extension aims to maximise participation as it will allow Pioneers more time to complete their Know Your Customer (KYC) process and migrate their Pi to the Mainnet.

Why grace period is crucial

The Grace Period, previously extended multiple times, is crucial for maintaining a real, verified, and decentralised network. The company says the extension reflects Pi Network’s commitment to inclusivity and accessibility, offering early Pioneers who became inactive a chance to complete their KYC and migration.

It is important to note that pioneers who will fail to complete the required steps by the new deadline risk forfeiting their past mobile balances, making this a critical opportunity to secure their Pi holdings. The network has emphasised that this will be the last extension as it moves into its new phase with the Open Network launch.