Pi Network Suspected of Misappropriating $20 Million, PI Price Plummets to $0.26!

Jakarta, Pintu News – Pi Coin has experienced a sharp decline as a result of the alleged misappropriation of $20 million by Pi Network’s leadership team. The coin has now been dropped from the top 50 cryptocurrencies list, raising serious questions about the future of the digital currency.

Pi Coin Controversy and Price Drop

Pi Coin, which was once among the top 15 crypto assets, has now experienced a 25% price drop in the past week, reaching a support point at $0.25. This drop comes amid the Pi Network core team’s failure to launch the mainnet and develop a sustainable ecosystem.

This failure has triggered massive selling by disappointed investors. In addition, Pi Network has also faced criticism for its unclear Global Consensus Value (GCV), which sets the value of each Pi Coin at $314,159, well above the current trading price of just $0.26. This lack of clarity further eroded supporters’ confidence in the project, further exacerbating the situation.

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Alleged Misuse of Funds by Pi Network Team

Pi Network is now under the spotlight after former executive, McPhilip, claimed that he was unfairly fired while project funds were misappropriated. According to court documents dating back to 2020, there were internal disputes between the founders, Dr. Nicolas Kokkalis and Chengdiao Fan, which allegedly created a non-conducive work environment.

Fan is scheduled to speak at the TOKEN2049 event, which will take place on October 1-2. McPhilip also alleged that the founders attempted to reduce his ownership by issuing new shares at $0.00005 per share.

This is despite previous funding in 2019-2020 having valued the company at $20 million. McPhilip also claims that his access to the company’s servers, financial accounts, and operational tools was revoked after internal conflict escalated.

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Community Reaction and the Future of Pi Network

Pi community members began questioning the development team regarding their failure to create the Pi Network ecosystem. A popular community member, Mr. Spock, wrote that the core team had received $20 million in funding in 2019 which should have been enough to build the entire ecosystem with 100 apps by 2020.

However, conflicts over control and personal issues among the founders have prevented the effective use of the funds. These conflicts explain why Pi Network’s core team lacks communication with its large user base.

This has raised questions about transparency, governance, and whether leadership struggles have derailed the “community-driven” vision of the project. As the core team remains silent on key issues, sentiment within the Pi community is waning despite the recent development of Protocol v23 on the testnet.

Conclusion

The crisis that hit Pi Network and the decline in the value of Pi Coin show how important transparency and good governance are in crypto projects. Without this, even currencies with great potential can quickly lose trust and value. The Pi community is now looking forward to concrete steps from the core team to restore trust and get the project back on track.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• Coingape. Pi Coin Tanks as Pi Network Allegedly Misused $20 Million Funding. Accessed on September 30, 2025
• Featured Image: Bitcoin News