Pi Coin is on the chopping block after its highly anticipated mainnet launch gave way to a substantial 66.35% crash.

While the first hour of trading saw Pi surge 36% to $1.99, those that followed saw profit-taking spark mass panic selling take the altcoin down to $0.67.

Meanwhile, early investors grapple with unrealized losses, waiting for their tokens to migrate to the mainnet.

All in all, $1.37 billion in trading volume was exchanged over the 24 hour period.

Bybit Refuses Exchange Listing: Why Commentators Label Pi Coin a Scam

While global crypto exchanges rush to capitalize on the Pi Network hype, listing its long-awaited token, Bybit CEO Ben Zhou has openly criticized the project and refuses to list the token.

Pi Network has been embroiled in controversy for years, drawing criticism for its opaque operations, delayed mainnet launch, and a recruitment model akin to a pyramid scheme.

On February 20, Zhou doubled down on his past skepticism, citing an official warning from Chinese authorities that labelled the project as a potential scam.

Beyond questions of legitimacy, the token launch itself has sparked further backlash over valuation discrepancies and accessibility issues.

Unofficial markets saw Pi tokens trading above $70 before launch, stoking early investor optimism.

Yet, when the token finally listed on centralized exchanges at just $1.97—with a staggering $180 billion fully diluted valuation—lapse liquidity left many investors unable to sell.

Complaints flooded social media as users reported being locked out due to unresolved KYC issues —some had been waiting for verification for years.

As soon as trading opened, the market reaction was swift.

PI price Analysis: Will Pi Network Crash to Zero?

Despite early setbacks, some traders remain hopeful that further exchange listings could revive the coin’s momentum.

Pi Coin was immediately listed on major centralized exchanges (CEXs) like OKX, Gate.io, MEXC, and Bitget.

Notably, Binance—the world’s largest crypto exchange—has received an overwhelming 86% support in a poll set to close on February 27.

Looking at technical indicators, the panic selling does seem to have come to a head.

The Relative Strength Index (RSI) has plateaued at 20, far surpassing the oversold threshold of 30. Establishing an uptrend from here could suggest seller exhaustion.

Meanwhile, the MACD line is en route to form a golden cross with a crossover above the signal line—the bulls may affirm control.

In the near term, the support established at $0.62 must hold to avoid further declines as the token finds itself in a discovery phase.

This New ICO Unlocks Higher Potential Gains

With rug pulls and market wiping sell-offs, which are all too common for newer coins, it can be hard to find those 10-100x opportunities.

It’s no surprise Best Wallet ($BEST) has drawn attention with its in-app “Upcoming Tokens” feature, renowned for delivering high-gaining trading alpha by spotlighting emerging crypto projects.

These very features position Best Wallet as the latest innovation in self-custody solutions—and a viable competitor to the likes of MetaMask.

The non-custodial wallet supports over 1,000 cryptocurrencies, utilizes Fireblocks MPC-CMP technology, and includes a staking aggregator to maximize yield opportunities.

Best Wallet is already making waves, raising over $10.3 million in the presale for its new $BEST utility token. Its app is already featured on Google Play and the App Store.

To learn more about Best Wallet, follow its official X, Telegram, or visit the Best Wallet website.

The post Pi Coin Crashes 66% as Major Exchanges Hold Back Listings – What’s Next for PI?  appeared first on Cryptonews.

In what is a concerning development for the cryptocurrency industry, Bybit has confirmed a $1.4 billion Ethereum hack. Indeed, both the cryptocurrency exchange founder, Ben Zhou, and the platform itself have confirmed the incident in a post to X (formerly Twitter).

The hacker stole more than $1.4 billion in liquid-staked Ether and MetaETH (mETH), according to on-chain blockchain security analyst ZackXBT. Zhouh updated users, unveiling a Bybit ETH multisig cold wallet that had made the transfer to a warm wallet to steal the funds. However, he assured users, “All other cold wallets are secure.”

JUST IN: Bybit founder confirms $1.4 billion $ETH hack.

— Watcher.Guru (@WatcherGuru) February 21, 2025

Also Read: Argentina Bitcoin Adoption Surges as ByBit Card Debuts

Bybit Faces $1.4 Billion Ethereum Hack, Confirms Founder

The cryptocurrency market has taken massive strides forward this year. Indeed, 2025 has seen a host of nations embrace the asset class like never before. Yet, a key part of that growth is still learning how to protect it. For much of its existence, theft of crypto funds has been an increasing concern.

The crypto market saw another massive breach take place Friday. Specifically, notable cryptocurrency exchange Bybit confirmed that $1.4 billion in Ethereum was hacked. Indeed, the platform lost the funds after losing control of an offline ETH wallet, the founder confirmed.

Also Read: Bybit Becomes Second Largest Crypto Exchange

“Unfortunately, this transaction was manipulated through a sophisticated attack that masked the singing interface, displaying the correct address while altering the underlying smart contract logic,” the platform said. This allowed the hacker to gain control of the specified wallet in question and transfer funds.

“Our security team, alongside leading blockchain forensic experts and partners, is actively investigating the incident,” the platform added. Additionally, they assured that “all client funds are safe, and our operations continue as usual without disruption.”

The situation is an unfortunate byproduct of the growing industry. Yet, it hasn’t gone unchallenged. The US Securities and Exchange Commission (SEC) announced a new Cyber Unit to combat cryptocurrency fraud. It’s the latest push to embrace crypto from the country. Moreover, it should help to deter things like this from continuing to happen.