Speculation regarding PI’s listing on Binance has been a significant driver of investor enthusiasm. A Binance listing is often seen as a major milestone for any cryptocurrency, as it enhances liquidity and exposure to a broader investor base.
Bybit co-founder and CEO Ben Zhou recently made controversial statements, likening Pi Network to a Ponzi scheme and calling it "more dangerous than meme coins."
The RBI has long maintained a cautious stance on crypto, issuing repeated warnings about its risks. However, this raises another question: If crypto has been such a pressing concern, why has India been slow to act on it?
According to police sources, the fraudsters used online payment platforms such as PhonePe and Paytm to collect funds. The money was then converted into USDT (US Dollar Tokens) via Chinese crypto exchanges, including Binance, before being transferred to undisclosed international accounts.
The announcement triggered a significant rally in the crypto market. XRP spiked 32% to approximately $2.80, while ADA and SOL rose over 20%, crossing the $1 and $160 marks, respectively. BTC saw a 6% increase, trading above $91,000, and ETH climbed nearly 10% to $2,400.
