Pi Network Accused of Shocking Rug Pull — Community Outraged and Feels Betrayed

Jakarta, Pintu News – Pi Network has recently launched a $100 million fund to support real projects that use the Pi coin. However, despite this move showing optimistic intentions, the coin’s price declined after the announcement, much to the dismay of investors.

After the incident, Pi Network came under negative scrutiny after crypto analyst Dr. Altcoin accused the Pi Core Team of misleading the community and performing a silent “rug pull”.

In a recent investigative report, he claimed that the team utilized hype and misleading narratives to inflate the price of Pi, then secretly sold at the peak of the price.

Pi Coin Community Feels Betrayed Amid Obscurity of Real Uses

An analyst highlighted a video from March, in which the wife of one of the founders of Pi Network stated that it took six years to build the Pi ecosystem and ensure its functionality.

Read also: Pi Network Surges 7% Today (May 19) — But Is a Crash to $0.40 Still Coming?

However, the analyst argued that real usability and decentralized applications (DApps) are still in the development stage, and are just starting to be funded through Pi Network Ventures.

The new fund was launched on May 14, when many expected a full mainnet launch – much to the disappointment of backers.

According to the analyst, the Pi Core Team leveraged its user base, referred to as “Pioneers”, for free promotion until funding was secured.

But now, the term is no longer used by the team. The community’s concerns were further heightened after it was revealed that all Pi coins were pre-mined, something that most users were not aware of. In addition, most of the KYC process is now handled by AI.

Most worryingly, the Pi Core Team is known to control 89% of the total token supply, sparking fears of a potential massive selloff as was the case with Terra Luna.

Pi Coin Price Plummets

Furthermore, the analyst alleges that the Pi Core Team deliberately created hype ahead of the Consensus 2025 event, pushing the Pi price from $0.40 to $1.60 with promises of a thriving Pi ecosystem and 100 decentralized applications (DApps) ready to launch.

However, behind the scenes, the team is believed to have sold tens, if not hundreds of millions of dollars worth of Pi tokens when the price was at its peak, while users were distracted by the optimistic updates being delivered.

Read also: You Can Now Buy a Burger with Bitcoin — Steak ‘n Shake Just Made It Happen!

Since then, the price of Pi has dropped by almost 50% and is now trading in the $0.80 range – possibly even going back to $0.40.

As there were no major updates regarding the mainnet launch, the analyst stated that the team had effectively pulled a “rug pull” on the community, taking huge profits without delivering on development promises.

If these allegations prove to be true, then this would be a major violation of the trust of Pi’s early adopters, who believed in long-term value and fair distribution from the start.

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Reference:

• Coinpedia. Pi Network Rug Pull? Did the Team Cash Out and Abandon the Community? Accessed on May 19, 2025