The Pi Network team is accused of selling 12 million coins.

The Pi Network project faced a new round of criticism after the PI coin dropped over 50% within five days. Let's take a look at what happened.
In the community, people suspect that the project's creators are engaged in fraudulent activities: some users have noticed large transfers made to addresses related to insiders of the project.
What is Pi Network accused of?
17 community participants, named Dr. Picoin, accused the Pi Network project team of conducting mass sales of PI coins when the price peaked at around $1.60. He discovered information on the blockchain regarding a transfer of 12 million PI. These accusations quickly spread across the internet and triggered panic among the coin holders.
"The main team sold tens of millions, even billions of Pi at the peak, while the community was distracted by the illusion of announcements and progress throughout the process," he wrote.
What did the project supporters respond?
Project supporters denied these allegations. They claimed that the transactions were related to the migration of user balances from the test network to the main network. According to their information, the mentioned address GABT7EMP is considered an allocation wallet for operational needs.
"Rumors about the sell-off of Pi have emerged. This is not true. Only those who do not understand what this wallet is will believe it," said the project's guardian.
Why does the community feel disappointed?
The controversy began with the appearance of Pi Network at the 2025 Consensus Conference, where the anticipated mainnet launch was replaced by Pi Network Ventures—a $100 million fund aimed at supporting developers. The project's co-founder, Dr. Nicolas Kokkalis, presented the development plan at the conference, including the integration of artificial intelligence and decentralized identity tools. He also reported the shutdown of the network's central node and introduced the Horizon update for node operators, which will bring the project closer to full decentralization.
This message can be seen as a strategic step necessary for the long-term growth of the project. However, it has disappointed many users who were expecting the launch of the mainnet. This fact may also have contributed to the sell-off of the coin, which one.
"The community is looking forward to the full launch of the mainnet, which will have 100 high-quality dApps, but there were no significant changes on May 14th. The only update is Pi Network Ventures," Dr. Picoin noted.
The situation surrounding the Pi Network reflects a classic issue in crypto projects: the balance between technological development and community expectations. The team is focused on long-term goals, while investors expect quick results and the launch of ready-made products. Additionally, the project lacks transparent communication and clear responses to criticism, which only exacerbates tensions.