- After strange token transfers, an abrupt price drop and numerous fake listings on decentralized exchanges, Pi Network is once again under fire.
- Analysts assume an insider dump, but the Pi Core team vehemently denies all allegations and speaks of “normal mainnet migration”.
The current debate was triggered by the analysis of the on-chain observer Atlaswhich identified movements of more than 12 million PI. According to his assessment, these transfers could have been a coordinated dump that triggered the subsequent price drop of over 50%.
Atlas called Pi Network a potential “mega-rug” and spoke of one of the biggest fraud cases of the year. The allegations spread quickly on social media and increased the already growing skepticism about the project.
Pi denies it
The Pi‑Core team immediately dismissed the allegations as “false and misleading.” The transfers in question were part of the regular main net‑Migration where previously mined PI would be paid out to customers.
No team tokens were sold and all large movements were transparently marked as “migration distribution”. The criticism is based on misinterpretation and there were no fact checks.
A public statement by the Bybit CEO, who described Pi Network as a “scam” and made it clear that Pi was not listed on Bybit, caused additional explosiveness.
This statement significantly increased the damage to its reputation, especially since Pi Network had already struggled with unofficial listings and mix-ups in the past.
Now there are warnings about a new wave of fraudulent fake listings on decentralized exchanges. Several alleged “PI pairs” are not authorized and could lead to total losses.
Pi Network emphasizes that the official Pi Coin is currently not freely tradable and may only be used via verified partners as part of the enclosed or open network model.
The fake listings would take advantage of the project’s brand recognition and target inexperienced customers.
The allegations hit Pi Network at a phase in which the project is already being watched critically.
Criticism for years
For years, there have been complaints about a lack of transparency, a diffuse roadmap and the discrepancy between the claimed 60 million pioneers – miners – and the actual activity on the internet.
Previous data protection irregularities and doubts about the Pi Network mining model are also being revisited in the current debate. Whether the latest transfers are legitimate migrations or a coordinated dump remains unclear for the time being.
However, one thing is clear: the combination of price declines, contradictory statements, fake quotes and growing criticism is currently putting Pi Network under more pressure than ever.
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