Bybit CEO Ben Zhou has sparked controversy by stating that Pi Network poses a greater risk than meme coins.

Zhou highlighted the lack of a fully developed product in the Pi Network project, noting that the PI coin is not listed on major exchanges. He emphasized that the value of Pi Network relies heavily on community expectations rather than solid fundamentals, as the project still lacks a fully operational blockchain.

The delay in key milestones like the mainnet launch and KYC processes has raised concerns about the transparency and potential of the Pi Network project. Zhou warned that relying solely on community trust and FOMO without a tangible product could lead to significant risks if the project fails to deliver.

The Pi Network community reacted negatively to Zhou's comments, defending the project's potential and slamming the assessment as unfair. In response, they downgraded the Bybit app's rating on the Google Play Store to 2.7 stars.

Despite the backlash, Zhou expressed hope that the Pi Network team would address the concerns raised publicly. This clash between Bybit CEO and the Pi Network community is not the first, as similar incidents have led to tensions between crypto projects and exchanges in the past.

As the Pi Network struggles to gain traction and faces challenges, its token price remains below $2, reflecting the bearish sentiment prevailing in the market. The PI coin is currently trading at $1.43, showing minimal movement over the past 24 hours.