Pi Network addressed charges that it is a “scam” and multi-level marketing scheme, denying any wrongdoing and saying it is misunderstood. As The Defiant reported on March 25, Bybit exchange CEO Ben Zhou called the project a scam and said it would not list the PI token. Then cryptocurrency fund Cyber Capital founder and CIO Justin Bons launched his own attack , repeating the scam accusation and calling it “a ‘multi-level marketing’ type scheme through referral programs.” Pi Network is a mobile phone mining project with more than 100 million downloads on the Google App Store. PI token’s price has been hurt by the allegations. Following its long-awaited Feb 20 mainnet launch, the price fell from an all-time high of $2.99 on Feb. 26 to its current $0.82, according to CoinGecko. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io