Pi Coin, the cryptocurrency associated with the Pi Network, surged 20% in value after the Pi Network dismissed allegations made by Bybit CEO Ben Zhou that the network was a scam. Zhou had referenced a Chinese police warning from 2023 that called the Pi Network a fraudulent scheme targeting the elderly. In response, the Pi Network clarified that they had no connection to the scammers mentioned in the warning and strongly denied any fraudulent activities done in their name. The price of Pi Coin had initially dropped 50% due to the CEO's comments but later recovered by 20%, now trading at around $0.77, up 14% from its recent low. The Pi Network has been in development for six years and boasts a community of over 60 million users.



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