Pi Network: Biggest Crypto Scam Ever?! You Won’t Believe What Happened!

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Pi Network Faces Rug Pull Allegations, What’s the Reason?

Initially, the Pi Network was regarded as an intriguing cryptocurrency endeavor. However, allegations have arisen that its main team is involved in a manipulative practice known as a “rug pull.” Dr. Altcoin, a respected crypto expert, recently accused the Pi Core Team on platform X (formerly Twitter) of misleading the community and exploiting a carefully orchestrated price surge.

As a researcher examining the cryptocurrency market, I’ve observed an intriguing development with the Pi Core Team. Despite generating significant buzz around Pi, particularly with the Consensus 2025 event and the announcement of the “Pi Ecosystem,” they seemingly orchestrated a ‘rug pull’.

This move, following the surge in Pi’s price from $0.40 to $1.60, appears to have gone unnoticed by many. The term ‘rug pull’ refers to a situation where the developers of a cryptocurrency abruptly abandon the project or render it worthless, causing its value to plummet. In this case, it seems that the Pi Core Team may have executed such a move, leaving investors to deal with the aftermath.

— Dr Altcoin (@Dr_Picoin) May 17, 2025

Meanwhile, Dr. Altcoin points out that significant transactions were happening off the public radar. Reports suggest that the Pi Core Team cashed out a substantial number of Pi tokens, possibly ranging from tens to hundreds of millions, when the market price surged dramatically. Despite these developments, the Pioneers, who make up the Pi community, remained occupied with fresh announcements and promises of future advancements.

Initially, people were anticipating a substantial announcement on May 14th, but what was delivered was merely information regarding a fresh investment program without any notable advancements in the mainnet or DApps. Following this, Dr. Altcoin expressed that the community felt let down, which triggered a steep decline in the value of Pi Coin. At present, its worth is approximately $0.80; it may drop back to its initial value of $0.40 soon.

The significant control over nearly 89% of the tokens by the Pi Core Team has raised concerns about potential centralization. This apprehension arises from the possibility that a repeat of the Terra Luna collapse might occur if concentrated power leads to mass sell-offs, potentially causing harm to those who hold smaller stakes.

Dr. Altcoin asserts that because the team failed to distribute all the ecoins as initially pledged, they allegedly misled users by keeping the excess funds for themselves, which is a form of deception. Those who were involved in the project’s promotion now feel betrayed upon learning the truth. If these accusations prove to be true, early adopters of Pi may experience significant disillusionment and question if Pi ever intended to fulfill its initial promises.

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2025-05-17 17:34