Pi Network has responded to a controversy sparked by a post by Bybit CEO Ben Zhou questioning the legitimacy of the project and accusing it of being a scam. On February 20, an X account claiming to be Pi Network's "unofficial tech team" claimed that the project had rejected Bybit's invitation to go public and that Bybit was "losing its market position". Zhou responded to the provocation, accusing Pi Network of being a "scam" and citing a 2023 report by Chinese authorities warning users of a project targeting the elderly. Zhou also said Bybit never submitted a listing request to Pi Network and asked the project to prove its legitimacy by addressing previous reports that questioned its operations. A Pi Network spokesperson denied any involvement with Bybit and confirmed that Bybit did not request a "know your business" (KYB) verification, which works by vetting external business to ensure that ecosystem transactions are taking place between verified participants. Pi Network also responded to Zhou's reference to warnings from Chinese police, claiming that the reports involved fraudsters posing as Pi Network, rather than the company itself.