Pi rallies more than 30% after Kraken announces listing

Bybit previously declined to list the mobile crypto mining platform, with CEO Ben Zhou citing warnings from Chinese police that the project is a scam.

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What to know:

• Pi Network’s PI token jumped about 30% during Asia’s morning trading after Kraken said it would list the cryptocurrency.
• The mobile-first project, which uses a phone-based trust graph instead of traditional mining, launched its externally connected mainnet in February 2025 with roughly 19 million KYC-verified users and 10 million migrated accounts.
• The token is already listed on OKX, Gate and Bitget, even as Bybit’s chief executive has refused to list it and labeled the project a scam, citing a 2023 warning from Chinese police.

Pi Network’s PI token led the market higher on Friday, according to CoinGecko data, rising 30% during Asia's morning hours, after crypto exchange Kraken said it would list the asset.

Pi Network is a mobile-first cryptocurrency project that replaces traditional proof-of-work mining with a phone-based trust graph, where users tap a mobile app daily to “mine” tokens and form identity-verified security circles that feed into a consensus system derived from the Stellar protocol.

The project launched its externally connected mainnet in February 2025 after operating for years in a closed ecosystem, saying it had about 19 million KYC-verified users and roughly 10 million accounts migrated to the chain.

Pi Network is currently listed on OKX, Gate, and Bitget, as well as some smaller exchanges.

In February 2025, Bybit CEO Ben Zhou publicly refused to list Pi Network’s token and called the project a scam, citing a 2023 warning from Chinese police alleging that Pi Network targeted elderly users, collected personal information, and caused some victims to lose pension savings.

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Volume surged more than 300% during the move, per CoinDesk analytics data, with traders watching whether the token can hold the former resistance as support.

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