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Bybit previously opted not to include the mobile crypto mining platform, with CEO Ben Zhou referencing alerts from Chinese authorities that deemed the project fraudulent.
What to know:
- Pi Network’s PI token surged approximately 30% during the morning trading session in Asia after Kraken announced it would list the cryptocurrency.
- The mobile-centric initiative, which employs a phone-based trust graph instead of conventional mining methods, introduced its externally connected mainnet in February 2025, claiming around 19 million KYC-verified users and 10 million migrated accounts.
- The token is already available on OKX, Gate, and Bitget, despite Bybit’s CEO rejecting its listing and branding the project as a scam, referencing a 2023 alert from Chinese law enforcement.
According to data from CoinGecko, Pi Network’s PI token propelled the market upward on Friday, increasing by 30% during the morning hours in Asia, following the announcement from crypto exchange Kraken regarding its listing.
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Pi Network is a mobile-oriented cryptocurrency project that substitutes traditional proof-of-work mining with a phone-based trust graph, allowing users to utilize a mobile application daily to “mine” tokens and establish identity-verified security circles that contribute to a consensus system based on the Stellar protocol.
The project introduced its externally connected mainnet in February 2025 after years of functioning in a closed environment, asserting it had approximately 19 million KYC-verified users and around 10 million accounts migrated to the chain.
Currently, Pi Network is listed on OKX, Gate, Bitget, and various smaller exchanges.
In February 2025, Bybit CEO Ben Zhou publicly declined to list Pi Network’s token, labeling the project a scam while citing a 2023 warning from Chinese police that alleged Pi Network targeted older users, collected personal data, and led some victims to lose pension savings.
