Bybit CEO’s Allegations Against Pi Network Questioned Amid Absence from Consensus 2025 Speaker List

The recent remarks made by the CEO of cryptocurrency exchange Bybit, alleging that Pi Network is a scam and even more dangerous than memecoins, have triggered controversy within the global crypto community. His comments, made in a public forum earlier this month, have drawn criticism from Pi Network supporters who argue that the claims are unfounded and lack credible evidence. Adding fuel to the fire, some have noted the CEO's absence from the official list of speakers at the upcoming Consensus 2025, one of the most prestigious events in the blockchain industry.

Allegations Without Evidence

In his remarks, the Bybit CEO claimed that Pi Network operates under the guise of decentralization while exploiting users through a non-transparent reward system. He also suggested that Pi Network’s business model bears the hallmarks of a pyramid scheme, citing the emphasis on user recruitment and “locked balances.”

However, these statements have not been backed by any concrete data or independent investigations. The lack of substantiated evidence has led many in the Pi Network community to question the motives behind the CEO’s claims.

"It’s easy to throw accusations in this space, but to call a project with over 60 million users a scam without hard proof is irresponsible," said a spokesperson from a prominent Pi developer group. "It creates unnecessary fear and confusion, especially when Pi Network has continuously communicated its roadmap, technical architecture, and plans for Open Mainnet."

The Curious Case of Consensus 2025

Adding a layer of intrigue, observers quickly noticed that the Bybit CEO's name does not appear on the official list of speakers for Consensus 2025, despite his high-profile presence in the industry. The event, hosted annually by CoinDesk, gathers leading voices in blockchain and crypto to discuss innovation, regulation, and the future of decentralized technologies.

This absence has led some to speculate whether his exclusion was deliberate, possibly influenced by his contentious stance against other projects in the space. While there has been no official comment from CoinDesk or the event organizers regarding the speaker selection process, the situation has not gone unnoticed by industry participants.

"It’s ironic to make such bold claims and then be missing from one of the most important platforms in the crypto world," said a blockchain analyst based in Singapore. "It raises the question of credibility. If you're making serious accusations, shouldn’t you be open to public debate?"

Pi Network’s Continued Expansion

Despite the criticisms, Pi Network has continued to expand globally. With a growing user base and an ecosystem of decentralized apps built on the Pi Browser, the project remains one of the most talked-about in emerging markets. In countries like Indonesia, Nigeria, and the Philippines, many users actively use Pi for peer-to-peer exchanges, even before the official Open Mainnet launch.

The Core Team behind Pi Network recently revealed updates to its migration system and announced that over 1 million users have successfully completed the KYC process, a crucial step toward network scalability and utility. Meanwhile, developers continue to build apps designed to use Pi Coin as a payment method, reinforcing the utility-based vision of the ecosystem.

Community Reactions and Defending the Vision

The global Pi Network community has responded strongly to the Bybit CEO’s claims. On social media, Pioneers – the term used for Pi users – have launched online campaigns to defend the legitimacy of the project, highlighting its decentralized architecture and commitment to user empowerment.

Many pointed out that comparing Pi Network to memecoins is misleading. While memecoins are often created as jokes or speculative assets with little utility, Pi Network’s vision is centered around real-world usability, inclusive mining, and access to financial services for unbanked populations.

“The comparison is unjust,” said a Pi user from Brazil. “Pi Network may not be perfect, but it’s not a joke coin. It’s a long-term project that’s trying to do something meaningful, and people should be open to innovation outside the usual suspects like Bitcoin or Ethereum.”

The Danger of Premature Judgment in Crypto

The situation highlights a broader challenge within the crypto industry: the ease with which public figures can sway perception with minimal accountability. While healthy skepticism is essential in the fast-moving world of cryptocurrencies, unfounded allegations can damage reputations and undermine the work of developers and communities alike.

Experts warn that labeling a project as a scam without due diligence not only undermines investor confidence but also threatens innovation by discrediting experimental models.

He claimed Pi Network was a scam and even more dangerous than memecoins. But when I checked the list of speakers at Consensus 2025, I couldn’t find his name anywhere. pic.twitter.com/ikLuB4e9Eh

— Basileus π (@basileuspi) April 23, 2025

"Innovation often starts where the mainstream doesn’t yet look," said Dr. Harold Lam, a fintech researcher at the University of Hong Kong. "Projects like Pi Network are experimenting with models of distributed value creation. It’s too early to call winners or losers. We need more open dialogue and less sensationalism."

Conclusion

As the crypto industry matures, the need for balanced, evidence-based discourse grows increasingly important. Allegations like those made by the Bybit CEO against Pi Network may grab headlines, but they risk causing unnecessary division and distraction within an already volatile sector.

For now, the Pi Network community continues to focus on its roadmap, with eyes set on the upcoming Open Mainnet and the goal of becoming a decentralized utility platform accessible to everyone. Whether or not critics will reassess their views remains to be seen—but one thing is certain: Pi Network is not going away quietly.

Writer @Erlin

Erlin is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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