China's law enforcement officials issue a strong warning against the cryptocurrency Pi Network, labeling it a potential scam and a pyramid scheme that preys on the elderly. Bybit CEO Ben Zhou stands firm in his decision not to list Pi on their exchange, emphasizing the concerns raised by Chinese authorities.

Pi Network, known as one of the most ambitious blockchain projects, recently had its much-anticipated mainnet launch, accompanied by a massive airdrop valued at $12.6 billion. Despite the hype surrounding the project, criticism persists, with accusations of fraudulent activities and exploitation of vulnerable populations.

The warning from China highlights the risks associated with Pi's operations, including deceiving users with promises of free mining through a mobile app and targeting the elderly for financial gain. This cautionary stance from Chinese law enforcement has influenced major exchanges like Bybit to steer clear of listing Pi.

While Pi Network enjoys a strong support base, there are growing concerns about its potential impact on China's evolving crypto policies. The controversy surrounding Pi has also led to debates within cryptocurrency communities, with exchanges like Binance facing a divided response on whether to list the token.

Despite its current popularity, Pi Network faces significant opposition, particularly in the wake of the warnings issued by Chinese authorities. The future implications of these criticisms could shape the project's trajectory within the global crypto landscape.