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

The Pi Network project has faced a new wave of criticism after the PI token fell by more than 50% in five days. Let's find out what happened.
The community suspects the project's creators of fraud: some users noticed large transfers from addresses associated with project insiders.
What Pi Network was accused of
A community member known as Dr. Picoin accused the Pi Network project team of a massive sale of PI coins at the price peak reached around $1.60. He found information in the blockchain about the transfer of 12 million PI. These accusations quickly spread online and caused panic among token holders.
"The core team sold tens, if not hundreds of millions of Pi at the peak — all this time the community was distracted by announcements and the illusion of progress," he wrote.
What did the supporters of the project respond?
Project supporters refuted these accusations. They claim that the transactions are related to the migration of user balances from the test network to the main network. According to their information, the specified address GABT7EMP is known as a distribution wallet for operational needs.
"Rumors about a sale of Pi have emerged. This is not true. Only those who do not understand what kind of wallet this is can believe it," noted the project's defenders.
Why is the community disappointed
The dispute began after the appearance of Pi Network at Consensus 2025, where instead of the expected launch of the main network, Pi Network Ventures was presented — a $100 million fund to support developers. Co-founder Dr. Nicholas Kokkalis presented plans for development at the conference, including the integration of artificial intelligence and decentralized identification tools. He also announced the disconnection of the central node of the network and introduced the Horizon update for node operators, which will bring the project closer to full decentralization.
This news can be seen as a strategic step necessary for the long-term growth of the project. However, it disappointed many users, as they were expecting the launch of the mainnet. This fact may also have contributed to the sell-off of the coin, which.
"The community was expecting the full launch of the main network with 100 quality dApps, but on May 14, there were no significant changes. The only update was Pi Network Ventures," noted Dr. Picoin.
The situation surrounding Pi Network reflects the classic problem of crypto projects: the balance between technical development and community expectations. The team focuses on long-term goals, while investors expect quick results and the launch of finished products. Furthermore, the project lacks transparent communication and clear responses to criticism, which only heightens the tension.