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#PI# Pi Network Faces Insider Selling Allegations After 50% Price Crash
Pi Network is facing intense backlash. Community members are accusing the team of selling millions of tokens.
Some community members have used data to support insider selling claims. Discussions have erupted over transparency.
The controversy comes after expectations for a mainnet launch instead of a $100 million ecosystem fund were met with disappointment.
The Pi Network is facing renewed backlash from its community after its native token, PI, fell by more than 50% in the past five days.
The sharp decline has rekindled allegations of a potential rug pull, with users revealing large token transfers linked to project insiders.
12 Million Token Transfers Spark Rug Pull Fears for Pi Network
On May 17, a respected community member known as Dr. Picoin made a serious allegation about the Pi Core Team, claiming that the team had recently sold millions of PI tokens at a price peak near $1.60.
He cited the data to reveal 12 million PI transfers and alleged that the team was manipulating the price while the community focused on project announcements.
Although the claims have not been verified, they quickly spread online and caused panic among owners. They also triggered discussions about transparency and trust within the project.
Some users have expressed concerns about insider trading, while others have called the claims misleading.
“They say Pi is being sold. It’s not true. Those who don’t understand this wallet will be misled. Don’t be one of them. They are showing off using Piscan to mislead you,” the account stated.
The controversy comes shortly after the Pi Network’s highly anticipated appearance at the Consensus 2025 event.
The announcement was seen as a strategic step for the project’s long-term growth, but it disappointed many users and likely contributed to the sell-off.
“The community believed they were moving towards a full Mainnet launch with 100 high-quality DApps — but there was no major update on May 14th. There was only Pi Network Ventures,” Dr. Picoin noted.
Despite these negatives, Pi co-founder Dr. Nicolas Kokkalis used the conference to highlight the future direction of the Pi Network. He shared plans to integrate AI and decentralized identity tools for Web3 applications.
Kokkalis also confirmed that the central node of his network has been decommissioned, paving the way for full decentralization. He also introduced the Horizon upgrade for Pi Node operators, a critical step for mainnet readiness.
The exchange currently has 7.196 billion base coins. Over KYC Pioneer 12 million, if all mapped, a Pioneer 1,000 base multiplied by 12 million = 12 billion base coins.
A pioneer 1,000 bases are at least pioneers 22 years ago, how many pioneers are there in 22 years? These old pioneers are basically 90~100% locked, how many base coins will be mapped?
The mapping is a pioneer with not many coins, is there a thousand bases, less than 200, right? Moreover, the Chinese area is the large base, at least half of which has been dug up, and the fact is that the mapping is less than 10%.
How did so many coins come to be listed on the exchange, you all take a closer look. In case of money, don't spend money to buy it, just light the lightning, at least don't invest money, don't worry about it.