'When a crypto project...': Pi Network founder shares cryptic message as Pi Coin continues to trade lower

Amid criticism over Pi Network's credibility as an independent blockchain, with some calling it "a scam" targeting "elderly folks" and others accusing it of running a networking model rather than a fully operational blockchain, Chengdiao Fan, Pi Network Founder and Head of Product, has defended the project, stating that the Pi community spent six years building its infrastructure and believes true decentralisation does not contradict authenticity and legitimacy.

"When a crypto project can go live with just a white paper, a smart contract, or even a meme, the Pi community spent six years building its infrastructure, its ecosystem, and ensuring its utility was ready before opening up. Also, for most blockchains, most addresses are unverified," says Fan.

She adds that Pi Network chose to conduct identity verification through KYC and KYB for millions of users to ensure individuals and businesses on the mainnet are verified.

"Pi believes true decentralisation does not contradict authenticity and legitimacy," she added.

Her statement comes amid remarks from several crypto experts raising doubts about Pi Coin's viability. Ben Zhou, Co-founder and CEO of Bybit, in a cryptic message, urged Pioneers on X to stay focused and not let external noise disrupt their journey.

"Pioneers, don't let the noise disrupt you. Focus on what matters and what makes a difference in the world. Keep working and 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 other crypto experts labeled the project a scam. He said:

"Here is an official police warning from Chinese authorities back in 2023, warning the public that Pi is a scam targeting elderly folks (link), leaking their personal data and risking pension loss. Multiple reports question the project’s legitimacy. Bybit never made a listing request for $PI, and the claim that $PI refused Bybit’s listing or that Bybit did not pass some sort of KYB from $PI is completely false. If the project is legitimate, it should address these reports so everyone can understand. Instead, you choose to fabricate things and engage in childish attacks. Yes, I still think it's a scam, and no, Bybit will not list a scam," he said.

Pi Network (PI) is worth $1.64 today, marking a 4.3% decline from an hour ago and a 0.7% increase since yesterday, though it's trading 44% lower than its all-time high of $2.98. PI's value is 7.8% lower than a week ago. In the last 24 hours, Pi Network's total trading volume was $657,270,857, according to Coingecko.

Analysts from Binance suggest a successful listing could push Pi’s value to $3 or beyond as increased liquidity and wider market exposure take effect. The crypto world is abuzz with speculation over whether Binance, the largest cryptocurrency exchange, will finally list Pi Network (PI) on March 14. A potential listing could be a major breakthrough for Pi Network, which has appeared on several major centralised exchanges (CEXs) but remains absent from Binance's roster.

Pi Network supporters have been pushing for a Binance listing for months. In February, Binance held a community vote where nearly 86% of over 290,000 participants supported the token’s listing. Despite the overwhelming approval, Binance clarified that the vote was "for reference only," leaving the Pi Network community without a definitive answer.

Adding to the anticipation is the date—March 14 marks Pi Network’s sixth anniversary, a milestone that could serve as the perfect backdrop for a high-profile listing. However, Binance has yet to confirm any plans, leaving investors and the broader crypto community guessing.