Pi Network Hiring Spree Sparks Buzz Amid Fraud Allegations and Crashing Token Price

Updated

May 21, 2025

Gambar Pi Network Hiring Spree Sparks Buzz Amid Fraud Allegations and Crashing Token Price

Jakarta, Pintu News – Pi Network is going through a volatile phase as its token price continues to decline amid new allegations of pump-and-dump schemes and suspicious wallet activity.

Despite these obstacles, the Pi Core Team announced a new job opening, which left the community feeling both confused and worried.

Pi Network price continues to fall despite big fund announcement

After spiking to $1.6796 on May 8, the Pi price has fallen sharply again and is now trading at around $0.75.

While still slightly higher than its early April low, the token’s value has dropped significantly since peaking at $2.98 in late February.

Even the big announcement on May 14, when the Pi Core Team launched a $100 million ecosystem fund to drive network development, failed to stop the price drop.

Pi Network Ventures has officially launched—a $100 million initiative, held in Pi and USD, to invest in startups and businesses that advance the utility and real-world adoption of Pi. Go to the Pi mining app home screen to learn more.

This strategic program intends to invest in… pic.twitter.com/XoRy7jQGcJ
— Pi Network (@PiCoreTeam) May 14, 2025

Some community members have argued that these funds could trigger selling pressure, rather than support the market.

Technical analysts are now focused on monitoring the crucial support level at $0.70. If this level is broken, it will invalidate the 50% Fibonacci retracement level, and could open up further downside opportunities down to $0.40.

Big Hires Amidst Chaos

Interestingly, amidst the price drop and increasing controversy, the Pi Core Team released a new list of job openings.

The move comes at a time when investor confidence is shaky, leading many to question the timing and motives behind the hiring wave.

Pump-and-Dump Allegations and Wallet Activity Concerns

In addition to prices continuing to fall, the Pi community has also begun to voice concerns regarding possible pump-and-dump activity.

Many believe that the Pi Core Team controls over 10,000 wallets and sub-wallets, although only the 7 largest wallets are easily traceable.

In the last five months:

A total of 5.4 billion Pi was moved from Foundation 1 wallet to Foundation 3 wallet.
Around 700 million Pi was transferred from Foundation 3 to Foundation 2 in several small shipments.
More than 1 billion Pi was directly transferred from Foundation 1 to Foundation 2.

Currently, Foundation 3’s wallet holds 4.7 billion Pi, while Foundation 2 only has 24 million Pi left. The community is demanding an explanation of where the massive amount of Pi has gone, and urging the Pi Core Team to show greater transparency and accountability.

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