Pi Network Faces Accusations of Cashing Out—Is It a Rug Pull?
The post Pi Network Faces Accusations of Cashing Out—Is It a Rug Pull? appeared on BitcoinEthereumNews.com.
Dr. Altcoin accuses the Pi Network’s Pi Core Team of misleading the community with hyped announcements that failed to deliver substantial mainnet updates. The analyst highlighted that key ecosystem components, including decentralized apps (DApps), remain underdeveloped, with utility projects only now receiving funding through Pi Network Ventures. Pi Coin price has come crashing down under $0.70 from the peak of $1.5 earlier in May, despite Pi Network ventures announcing a $100 million VC fund to support real-world projects on the platform. Additionally, there have been serious accusations against the Pi Core team of misleading the Pioneer community with core members pulling off a rug pull during the recent price pump. In a message on the X platform, Dr. Altcoin showed how the Pi Core team offloaded 12 million Pi Coins. The analyst noted: “Most pioneers understand my position, but some do not. Don’t question me—demand an explanation from the Co-founders: why did the price suddenly drop from $1.60 to $0.70 when, in reality, if the update from PCT should have been seen as a positive development?” In the last 24 hours alone, PCT sold approximately 12 million Pi! @PiCoreTeam@nkokkalis @Chengdiao pic.twitter.com/TdzF8ucdtX — Dr Altcoin (@Dr_Picoin) May 17, 2025 Has the Pi Core Team Betrayed the Pi Network Community? Dr. Altcoin referred to a video from the Pi Core team from March where the co-founder’s wife emphasized that it took six years to develop the Pi ecosystem and establish its utility. However, the analyst argues that genuine utility and decentralized applications (DApps) are still under development, and nowhere to be seen as of now. These projects are only now receiving funding through Pi Network Ventures, a new initiative launched on May 14. The timing of this announcement, coinciding with expectations for a full mainnet release, left many supporters disappointed. In a…
Filed under: News - @ May 18, 2025 8:27 am