Pi Network Drama: Exchange Suspensions, Price Collapse, and Bybit Drama

Pi Network Finally Launches Amidst Drama and Controversy

The long-awaited launch of Pi Network finally happened yesterday, but it has been far from smooth. Ever since its launch, the project has been surrounded by intense drama and controversy.

Pi Network's Initial Listing and Price

Pi Network was launched at around $3 on select cryptocurrency exchanges. However, not all exchanges participated in the listing. Some of the major platforms that listed Pi include:

• Gate.io

• SuperX

• MEXC

• OKX

• AscendEX

• CoinW

• Cofinex

• BitGet

• BitMart

• DigiFinex

Other major exchanges, however, have not yet joined in listing the coin.

Drama Between Pi Network and Bybit

A major controversy arose between Bybit and the Pi Network team. Bybit's CEO, Ben Zhou, refused to list Pi Network, calling it a big scam.

The Pi Network team, on the other hand, claimed that Bybit had initially applied to list the token but was later rejected, which led to Bybit's negative stance.

Ben Zhou responded to this accusation on his official Twitter page, denying Bybit had ever applied for Pi Network’s listing. He further cited an official warning from the Chinese police (issued in 2023), which classified Pi Network as a scam.

Pi Network Faces Massive Sell-Off and Price Drop

Since its launch, Pi Network has experienced significant selling pressure. Many miners have aggressively sold off their holdings, causing the coin’s price to fall drastically.

At the time of writing:

• Pi Network has dropped below $1, falling to around $0.60.

• The rapid price drop has raised concerns about the project’s sustainability.

Exchange Withdrawal Issues

Adding to the controversy, several users have reported difficulties in withdrawing Pi tokens from exchanges. For example:

• OKX has reportedly suspended Pi withdrawals for over 24 hours.

• BitGet users have also faced similar withdrawal issues.

The exact reason for these suspensions remains unclear. However, some speculate that the drastic price drop may have influenced these decisions.

What’s Next for Pi Network?

The launch of Pi Network has been eventful, filled with controversy, skepticism, and major price fluctuations. While some hope for a price recovery, others remain doubtful about the project’s future.

What do you think? Will Pi Network bounce back, or is this the beginning of its downfall?