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$PI Time and again, they said there was no ecosystem building. The multiple marathons they held were all lies. Victims developed applications, but they didn’t provide API interfaces or enterprise wallets. There’s no chain—what’s the point of spending a lot of money to develop an application, what’s the difference from throwing money into the water and seeing it wasted? How many application developers have they harmed? Look—are there hackathons now? Of the 100 ecosystem apps, are they still claiming they exist? Has the $1 million bounty for developers been paid out? The hackathon ecosystem is all fake—it’s just a way to trick people into promoting it and using it as a pretext to buy coins. Pi is nothing but deception from start to finish, every pore of it reeks of fraud. It’s been almost 8 years—there’s only one check-in points advertising app. Everything else they call a so-called developer platform, nodes, the Stellar protocol, distributed computing power, and the code uploaded to Black Cat—everything is fake. Don’t fall for it again.
3 Former executive McPhilip accused in court
Founder "internal strife and misuse of funds" NEW
Source: Court filings / community reporting | Time: 2026-07-09
Former executive McPhilip publicly accused co-founder Nicolas Kokkalis and his wife, Fan Chengdiao, in court filings. Key allegations include:
1. Toxic work environment: Disputes between the founders (verbal attacks, physical altercations) spilled into the workplace, leaving the leadership team exhausted from mediating and causing severe delays in technical delivery.
2. Misuse of funds: In 2019-2020, through SAFE financing of $20 million, the accusation claims that some of the funds were diverted for private purposes such as luxury yacht parties.
3. Equity dispute: The founders allegedly tried to dilute McPhilip’s equity at an extremely low price of $0.00005 per share. In April 2020, when he was on leave, the core team locked his servers and accounts.
Meanwhile, another investor, Harro Moen, filed a $10 million fraud lawsuit in the U.S. District Court for the Northern District of California, alleging unauthorized token transfers and the secret sale of 2 billion Pi tokens.
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