Pi Network is facing renewed scrutiny after Justin Bons, founder of CyberCapital, publicly branded the project a “scam.” 

Bons raised concerns about the project’s technology, business model, and tokenomics, arguing that they are deeply flawed and potentially harmful to investors.

Is Pi Network a Scam? Justin Bons Thinks So

In a series of posts on X (formerly Twitter), Bons pointed out several issues with the network. He suggested that contrary to its claims of decentralization, Pi Network remains heavily centralized. 

“PI is fully permissioned (centralized) and everything requires KYC, even simple transactions! PI is an investment scam; it is that bad,” he wrote.

Bons also criticized the five-year-delayed mainnet launch, calling the network’s promises of innovation and decentralization misleading. Notably, one of the major claims the executive made was that Pi Network’s core technology was copied from Stellar (XLM).  

Despite this, he argued that the absence of a Turing-complete virtual machine (VM) limits Pi Network’s potential for decentralized finance (DeFi), making it a “pipedream.” Moreover, he explained that this renders the network neither scalable nor programmable.

Bons also drew attention to the network’s referral program, which he likened to a Multi-Level Marketing (MLM) scheme. He argued that this system generates unnecessary costs for the network without providing real benefits to users.

Further compounding his concerns, Bons highlighted a Ponzi-like mechanism within Pi Network’s “mining” process. He revealed that the lockup period benefits insiders by inflating the token price, allowing early investors to exit with profits. 

Transparency, or the lack thereof, was another significant issue Bons flagged. He criticized the Pi network for not revealing insider token allocations despite enforcing Know Your Customer (KYC) procedures. He noted that insiders might control as much as 20% of the network’s supply, which contradicts the project’s fairness claims.

“PI made it into the top 20 is an embarrassment to our industry,” Bons concluded.

Previously, Bybit CEO Ben Zhou had shared similar concerns, calling PI a scam and describing it as “more dangerous than meme coins.”

Will Pi Coin (PI) be listed on Binance?

Meanwhile, the latest wave of criticism comes amid mounting discontent among pioneers toward Binance. On March 19, the exchange revealed its first batch of Vote to List projects. The list included meme coins associated with the former CEO’s dog and the Mubarak (MUBARAK) token, among others.

Nonetheless, despite Pi Coin (PI) receiving an 86% vote in favor, the community expressed frustration over Binance’s failure to list it.

“Stop acting like some third rate junk exchange and fulfill your promises before you start the next vote. I don’t know if CZ would have behaved like this if he was still at Binance, he wouldn’t be proud of your behavior,” a user wrote on X.

The community has even gone as far as giving Binance a 1-star rating on the Google Play Store. However, this might have worsened PI’s prospects rather than improving them.

“Do not try to pressure us into listing your coin by spreading FUD or negative comments about Binance, or you will be blacklisted,” Binance noted.

The dual blows of Bons’ criticism and Binance’s snub have coincided with a devastating market slump for PI. The token’s price plummeted below $1.0 today for the first time since late February.

Over the past day, PI has declined by 20.1%, with weekly losses extending to 48.7%. At press time, Pi Coin was trading at $0.91. Its ranking has also taken a hit, sliding to 27th place on CoinGecko, a significant drop from its earlier position.

After the FOMC (Federal Open Market Committee) minutes and the digital asset summit on Wednesday and Thursday, respectively, approximately $2.09 billion in Bitcoin (BTC) and Ethereum (ETH) options expire today.

The expiration may influence market conditions, with investors monitoring potential shifts.

Over $2 Billion in Options Expiry Today

According to Deribit, $1.826 billion in Bitcoin options expire today. The maximum pain point of these contracts stands at $85,000.

These options include 21,596 contracts, slightly fewer than last week’s 35,176. Despite recent volatility, the put-to-call ratio of 0.83 indicates a general bullish sentiment.

Ethereum has $264.46 million in options expiring, involving 133,447 contracts. This figure is also lower than the previous week’s 223,395 contracts. The maximum pain point for these options is $2,000, and the put-to-call ratio is 0.62.

As the options contracts near expiration at 8:00 UTC today, Bitcoin and Ethereum prices are expected to approach their respective maximum pain points. According to BeInCrypto data, BTC traded for $84,414, whereas ETH exchanged hands for $1,977.

This suggests a modest upside for Bitcoin and Ethereum towards the $85,000 and $2,000 strike prices, respectively. This surge is plausible given smart money’s Strategy in options trading, pushing prices toward the “max pain” level. Here, the highest number of contracts, both calls and puts, expire worthless.

“Will we see a volatility squeeze or a slow unwind?” Deribit posed in a post on X (Twitter).

Based on Bitcoin and Ethereum’s put-to-call ratios, both below 1, call options (purchases) have a higher prevalence than put options (sales).

Market Sentiment Ahead of Today’s Options Expiry

Analysts from crypto options trading tool Greeks.live provided insights on the current market sentiment, highlighting a divided trader community. On the one hand, some expect a price drop after the FOMC meeting, as policymakers rejected further interest rate cuts, effectively disappointing the crypto market.

On the other hand, some anticipate a temporary rise before choppy conditions. With this, the analysts note the range between $83,000 and $85,000 as the area of interest, with expected volatility around President Trump-related developments and potential MicroStrategy (now Strategy) purchases.

“Expect chop and drift lower before heading higher again on Monday, despite the current pump not being viewed as sustainable,” Greeks.live analysts observed.

Elsewhere, BeInCrypto reported that Bitget exchange CEO Gracy Chen is confident BTC will hold above the $73,000 to $78,000 range, paving the way for a potential rally to $200,000. She attaches her optimism to the US strategic Bitcoin reserve’s potential to drive institutional legitimacy and long-term price stability.

Even as Bitget’s Chen remains optimistic, traders and investors should brace for short-term volatility. Historically, options expirations tend to cause temporary price movements. However, the market usually stabilizes shortly after.

This calls for vigilance and analysis of technical indicators and market sentiment to manage potential volatility effectively.

Japanese Corporation Metaplanet has announced the appointment of Eric Trump, son of US President Donald Trump, as the inaugural member of its newly established Strategic Board of Advisors. 

The announcement made on March 21 highlights Metaplanet’s strategic intent to strengthen its influence within the global Bitcoin economy.

According to the official statement, Eric Trump’s appointment aims to leverage his vast experience in real estate, finance, brand development, and strategic business growth. Beyond his business credentials, Eric Trump has positioned himself as a key advocate for digital assets and blockchain innovation. 

He also serves as a Web3 ambassador for World Liberty Financial (WLFI), a Trump-backed decentralized finance (DeFi) project focused on advancing financial freedom through decentralized technologies.

“His business acumen, love of the Bitcoin community and global hospitality perspective will be invaluable in accelerating Metaplanet’s vision of becoming one of the world’s leading Bitcoin Treasury Companies,” said Metaplanet CEO Simon Gerovich.

Alongside Eric Trump, Metaplanet’s Strategic Board of Advisors will include other renowned industry leaders and financial experts. These individuals will remain committed to advancing the company’s Bitcoin mission and fostering financial innovation in the digital asset sector.

The appointment comes as Metaplanet intensifies its Bitcoin investment strategy. On March 18, the company announced the issuance of 2 billion yen ($13.4 million) in zero-coupon ordinary bonds. The proceeds will be dedicated to acquiring more Bitcoin. 

This aligns with Metaplanet’s ambitious roadmap. The company aims to amass 10,000 Bitcoins by the end of this year and 21,000 BTC by the close of 2026.

According to the latest data from Bitcoin Treasuries, Metaplanet currently holds 3,200 BTC, acquired at an average cost of $83,107 per coin. While this has resulted in a modest 1.8% profit, the firm remains vulnerable to Bitcoin price fluctuations. 

The company faced potential losses multiple times in March 2025, when Bitcoin’s price fell below its acquisition cost. In fact, last week, Bitcoin dipped as low as $76,555—its lowest price since November 2024—putting downward pressure on Metaplanet’s portfolio. Nonetheless, the market has seen a slight recovery since.

At the time of writing, Bitcoin was trading at $84,414. According to BeInCrypto data, this reflected a 1.54% decline over the past 24 hours. This offers a narrow margin of safety for Metaplanet’s holdings but underlines the ongoing volatility of the cryptocurrency market.