Pi Network Must Face Carpet Pull Allegations, What Is the Reason?

While Pi Network was once considered a promising cryptocurrency initiative, its core team is now accused of orchestrating a "rug pull." Dr. Altcoin, a cryptocurrency analyst, has accused the Pi Core Team on X (formerly Twitter) of deceiving the community and exploiting a deliberate bullish scheme.

The shocking statement from Dr. Altcoin focuses on what the team has done in preparation for the Consensus 2025 event. The analyst stated that the announcement about the Pi Ecosystem, created by the Pi Core Team, caused the price of Pi Coin to increase from $0.40 to $1.60. The community, excited about the upcoming Mainnet and the well-developed 100 DApps, believed that the project was just one breakthrough away. However, Dr. Altcoin explains that significant transactions have taken place out of the public eye. The Pi Core team is said to have sold tens or even hundreds of millions of Pi tokens as the price increased sharply. The pioneers, members of the Pi community, remain distracted by new announcements and promises of progress in the future. While many hoped for a major announcement, the update on May 14 was just about a new funding initiative, with no significant milestone achieved in the mainnet or DApp. Dr. Altcoin concluded that the community was disappointed and the price of Pi Coin started to drop sharply. Currently, this coin is valued at about $0.80 and may soon return to its initial value of $0.40. The fact is that the Pi Core Team is said to hold about 89% of the tokens, which raises concerns about centralization. As a result, many are worried that there could be another collapse like Terra Luna, as centralization of power could once again lead to large sell-offs, which could harm smaller stakeholders. Dr. Altcoin stated that because the team did not distribute all the ecoins as promised, they have deceived users and pocketed the excess funds for their own use. Many current and former officials who promoted the project now feel cheated by what they are actually witnessing. If the claims are confirmed, the original Pi users may feel very disappointed and wonder if what Pi promised will ever be planned for implementation.