Crypto
Bybit CEO Ben Zhou sounds alarm again as Pi value more than halves – VnExpress International
“Here is an official police warning of Pi from Chinese police back in 2023, warning to the public that it’s a scam targeted at elderly folks which leaks their personal data and loses their pension,” Zhou wrote on X (formerly Twitter) on Feb. 21. “There are multiple other reports out there questioning the project’s legitimacy.”
The warning attached to Zhou’s post was from the Wuxi city police department, which writes of elderly Chinese people downloading the Pi Network app on other people’s “invitation,” providing important personal documents, even making meeting appointments to “invest,” which turn out to be fraudulent.
“Criminals use the lure of ‘free’ and ‘gifts’ to attract people who are greedy for small profits to download their software, and then sweeten the situation by claiming there is no capital investment required and offering a small amount of ‘Pi tokens’ as gifts,” the Wuxi police said. “They then expand the victim group by rewarding targets for recruiting more people, ultimately reselling users’ personal information and defrauding victims out of their money.”
Zhou emphasized that Bybit has never made any requests to the Pi Network team and shall not be listing the currency at all. Some sources previously suggested that Bybit did not pass the Know Your Business (KYB) requirements set by Pi Network.
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Pi’s value dropped sharply in just under a day after launch. Photo by Duy Phong |
“If the project is legitimate and straight up, then you should come forth and address these reports so everyone can understand, but instead you choose to make up [profanity] and do these childish attacks with no grounds,” Zhou said. “Yes, I still think [they] are a scam, and no, Bybit will not list scams.”
Pi Network achieved open network status on 20 February afternoon. With 6.3 billion tokens in circulation and an initial price of US$2, Pi’s total airdrop is worth $12.6 billion, double that of Uniswap’s $6.43 billion in 2020. (In crypto, airdropping is the practice of gifting free coins or tokens to users before becoming an open network.)
Immediately upon launch Pi became volatile. From $2, it went as high as over $3 on some exchanges on its first day, dropped to $0.90, rebounded to $2.10, dropped again to $1.40 before finally finishing at $0.79.
The Pi Network project was created in 2019, with advertising stating users can get Pi tokens for free with daily logins to the app. When Pi Network announced plans to become an open network on February 12 this year, Zhou immediately announced his exchange would not be listing the token, citing past troubles from older people asking for their lost money back.
Zhou’s February 12 announcement cited an additional warning from blockchain researcher Haotian-CryptoInsight, who observed that Pi Network is particularly popular in markets where financial literacy is low, and that slogans of “one Pi for one Bitcoin” contributed to much misunderstanding of Pi’s true value. The immense public reaction toward this cryptocurrency’s listing is a sign of its potentially many issues, they added.
Among crypto exchanges, Bybit has the second largest trading volume behind only Binance, according to CoinMarketCap data.
As for the largest player, Binance has been surveying its community on whether to list Pi Network since February 13, but has made no further announcement.
Many Pi Network enthusiasts expected the token to be valued very highly, setting a “consensus value” for Pi at US$500-1,000 and demanding “no dumping”. One community set its global consensus value at US$314,159 per Pi.
OneSafe was skeptical of such rates, calling them “astronomical”, as Pi’s supply is expected to be capped at 100 billion and there are six billion in circulation after it became an open network. Nam Nguyen, a crypto investor for four years, pointed out: “If Pi is valued as the community expects, its capitalization will be unimaginable, and there is no actual proof or market data to back it up.”
Crypto Times commented: “There has been so much hyperbole around Pi Coin and Pi Network since its launch. This project is surviving only on its hype using investors’ sentiments just like Hamster Kombat. However, over time everyone will get a reality check on whether Pi coin is a horse for a long race or not.”
Crypto
New law regulates cryptocurrency kiosks in Wisconsin to protect against scams
WAUSAU, Wis. (WSAW) – A Wisconsin bill creating regulatory requirements for cryptocurrency kiosks is now law, aiming to protect people from scams involving the machines.
The Wood County Sheriff’s Department has been investigating scams involving cryptocurrency kiosks for more than three years and helped craft the new law.
Several people from the Wood County Sheriff’s Department have been testifying in Madison and educating people about these scams.
“And that’s something that is always an important part, but when you can get something out statutorily to protect people, that’s even better,” Becker said.
Daily limits and victim reimbursement
The law puts $1,000 daily transaction limits on the machines and requires machine operators to reimburse victims who report scams to law enforcement within 30 days.
Sheriff Shawn Becker said the department began investigating after receiving a complaint from a citizen who was scammed out of thousands.
“When we got the initial complaint from one of our citizens came in and was scammed $9,000. And then we were, these crypto ATMs were new to there and new to the country,” Becker said.
The department began seizing cash from the machines after people were scammed, holding it as evidence. They would return money to victims, but cryptocurrency companies sued over the practice.
“So we had to change our tactics and we would still serve the warrant, but now we hold that cash here at the sheriff’s department until we get a court order,” Becker said. “I think it really made a difference to get where we’re at now.”
New requirements for operators
The law requires operators to add warning labels to kiosks. Cryptocurrency kiosks also have to be more than five feet away from an ATM.
Kiosk operators must take reasonable steps to detect and prevent fraud. They need to provide notices of virtual kiosks locations to law enforcement before the first transaction on that machine.
“I’m very proud of our department, our investigators that working together with the legal justice system to be part of something that has changed and protected people from being scammed,” Becker said.
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Crypto
Op-Ed by Corbin Fraser, CEO of Bitcoin.com: The Bitcoin President Is Making Our Case for Us
What a difference eighteen months makes.
As I write this, a two-week ceasefire between the United States and Iran is hours old. Whether it holds is anyone’s guess. The war that the U.S. and Israel launched on February 28 has already killed American service members, destroyed universities and elementary schools, closed the Strait of Hormuz, and sent shockwaves through every market on the planet. The president who promised to end wars threatened, in his own words, that “a whole civilization will die tonight.” Iran’s ambassador at the United Nations called it incitement to genocide. Experts are debating whether the targeting of bridges, railways, and power grids constitutes war crimes. Children in Tehran are dead.
This is not what we signed up for.
The Bitcoin community did not coalesce around a political candidate so that he could become the latest patron of the military-industrial complex. The very machine, by the way, that Bitcoin was conceptually designed to defund. Satoshi’s whitepaper was published in the wreckage of 2008, a year when the Federal Reserve printed billions to bail out banks while governments spent trillions waging wars most citizens never asked for. Bitcoin was, from its genesis block, a protest against exactly this: the unchecked power of states to debase currency in service of violence.
I want to be clear about something: the crypto community’s natural disgust for war is not a political posture. It is a foundational value. We believe that when governments can’t print money at will, they can’t wage wars at will. That is the entire point. What is happening in Iran is a humanitarian catastrophe. Reports of children killed in residential neighborhoods, a major university bombed, human chains of young people forming around power plants to shield them from American missiles. These are not abstractions. They are the human cost of the very system Bitcoin was built to opt out of.
The two-week ceasefire, brokered through Pakistan’s intervention, is a fragile reprieve. Iran has accepted negotiations in Islamabad beginning Friday. But we have already seen what happens when diplomacy is sabotaged. Iran’s IRGC intelligence chief was assassinated mid-conflict, negotiators have been targeted, and the pattern of setting deadlines only to extend them has made the entire process feel performative. Time will tell if this ceasefire holds.
What won’t change is the math. Wars cost money. Money comes from somewhere. And when governments run out of honest revenue, they print. Every dollar created to fund conflict is a dollar that steals purchasing power from the people who earn it. Every bomb dropped on Iranian bridges is paid for with dollars. Every aircraft carrier repositioned to the Persian Gulf runs on the full faith and credit of the United States Treasury. Every escalation widens the deficit, increases the pressure on the Fed, and further erodes the credibility of the dollar as a neutral global reserve currency.
Bitcoin fixes this. Not through slogans, but through mathematics. A hard cap of 21 million. No Federal Reserve. No emergency printing. No backdoor funding of wars the public never authorized.
To my fellow travelers in the Bitcoin and crypto space: I understand the disillusionment. Many of us believed that political engagement would accelerate adoption and protect our industry. But we should never have expected a politician, any politician, to embody the values of decentralization. That was always our job. Bitcoin doesn’t need a president. It needs users. It needs people who look at what’s unfolding on their screens right now and decide they’d rather hold an asset that no government can inflate to fund the next war.
If the intent of Trump as the de facto “ Bitcoin President” is to embolden our beliefs more in voting with our feet, in selling more USD for BTC, then he’s doing a hell of a job.
_________________________________________________________________________
Bitcoin.com accepts no responsibility or liability, and shall not be liable, whether directly or indirectly, for any loss, damage, claim, cost, or expense of any kind, whether actual, alleged, or consequential, arising out of or in connection with the use of, or reliance upon, any content, goods, or services referenced in this article. Any reliance placed on such information is strictly at the reader’s own risk.
Crypto
Strategy Signals Bitcoin Supply Shock With 2.2x New BTC Supply Acquired and 24,675 BTC Gain
Key Takeaways:
- Strategy Inc. reported acquiring 94,470 BTC in 2026, reaching 2.2x bitcoin supply absorption.
- Bitcoin treasury metrics indicate 3.7% yield, generating 24,675 BTC worth about $1.7 billion.
- Michael Saylor stated sub-$100K bitcoin window may close in 2026 amid rising demand.
Strategy Bitcoin Accumulation Outpaces Network Supply Growth
Strategy Inc. (Nasdaq: MSTR) shared on social media platform X on April 7 that it accumulated bitcoin faster than new issuance. The firm emphasized supply absorption and yield performance. The update framed its activity against bitcoin’s fixed issuance schedule and tightening supply dynamics.
The update outlines year-to-date performance figures showing acquisition at 2.2 times the natural bitcoin supply alongside a BTC yield of 3.7% and a BTC gain of 24,675, valued at approximately $1.7 billion. The accompanying image breaks down how this performance developed across both quarterly and cumulative periods. In Q1 2026, Strategy reported acquiring 89,599 BTC while generating a BTC yield of 3.2% and a BTC gain of 21,329. The visual also presents a corresponding dollar gain of $1.4 billion for the quarter. Year-to-date totals extend these figures to 94,470 BTC acquired, reflecting continued accumulation and improved yield efficiency over time.
Bitcoin Supply Mechanics Highlight Strategy Market Impact
Bitcoin supply mechanics provide the baseline for measuring this activity. Following the 2024 halving, each mined block produces 3.125 BTC, while the network averages about 144 blocks per day. This results in roughly 450 BTC entering circulation daily, a figure observable through on-chain data. Over a period of roughly 90 to 100 days, issuance totals about 40,000 to 45,000 BTC. Against this level, Strategy’s reported acquisition of 94,470 BTC results in a ratio slightly above 2.0x, aligning with its stated 2.2x depending on timing and block production variability.
Strategy Executive Chairman Michael Saylor framed this dynamic through the concept of supply absorption, describing how capital access allows entities to outpace bitcoin’s fixed issuance. He recently stated: “We can buy more bitcoin than they can sell.” With roughly 450 BTC produced daily, sustained buying can absorb both newly mined coins and available exchange liquidity. Saylor also described a reflexive flywheel, where capital raises fund additional bitcoin purchases, reducing available supply and increasing volatility. The approach emphasizes that bitcoin’s limited supply creates competition among market participants, framing the asset as digital property with constrained acreage. He added: “2026 will be known as the last year you could buy bitcoin at sub-$100K.”
Additional dashboard data expands on the company’s broader financial and market positioning alongside its bitcoin strategy. Strategy shows a share price of $123.63 with a daily decline of 3.18%, while reporting a market capitalization of $42.88 billion and an enterprise value of $59.17 billion. The dashboard lists trading volume at $724 million and a 30-day average trading volume of $2.62 billion. Volatility metrics include 76% implied volatility, 55% 30-day historical volatility, and 72% one-year historical volatility. The company also reports open interest of $29.97 billion, an mNAV ratio of 1.13, and an amplification figure of 36%, indicating how equity performance relates to underlying bitcoin exposure.
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