Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
Pi Network Faces Insider Sell-Off Claims After 50% Price Crash

Pi Network Faces Insider Sell-Off Claims After 50% Price Crash

BeInCryptoBeInCrypto2025/05/17 10:21
By:Oluwapelumi Adejumo

The controversy deepened after Pi’s Consensus 2025 appearance, where instead of a mainnet launch, the team revealed a $100 million ecosystem fund.

Pi Network is facing renewed backlash from its community after its native token, PI, plunged over 50% in the past five days.

The sharp decline has raised fresh accusations of a potential rug pull, as users uncover large token transfers linked to project insiders.

12 Million Tokens Transfer Sparks Rug Pull Fears for Pi Network

On May 17, a respected community member known as Dr. Picoin made a serious allegation against the Pi Core Team. He claimed the team offloaded millions of PI tokens during the recent price peak near $1.60.

He cited blockchain data that revealed a 12 million PI transfer and claimed the team manipulated the price while the community focused on project announcements.

“The Core Team sold tens of millions, if not hundreds of millions, of Pi at the peak — all while the community was distracted by announcements and the illusion of progress,” Dr. Picoin alleged.

Pi Network Faces Insider Sell-Off Claims After 50% Price Crash image 0Pi Core Team’s Alleged Transfer. Source: X/Dr. Picoin

His claims, though unverified, quickly spread online and fueled panic among holders. The allegations also triggered debates over transparency and trust within the project.

While some users echoed concerns of insider profit-taking, others dismissed the accusations as misleading.

One Pi supporter argued that the transactions were tied to the migration of user balances from testnet to mainnet.

According to the account, the wallet address at the center of the issue is GABT7EMP. It has long been labeled as a distribution wallet used for operational purposes.

“They are saying Pi is being sold. not true. Only those who dont understand this wallet will be mislead. Dont be one of them. They are using Piscan which shows outflow to mislead you,” the account stated.

The controversy emerged shortly after Pi Network’s much-anticipated appearance at Consensus 2025.

Teasers had led many to expect a mainnet launch and widespread dApp rollout. Instead, the core team unveiled Pi Network Ventures—a $100 million ecosystem fund aimed at supporting builders in the Pi community.

Pi Network Faces Insider Sell-Off Claims After 50% Price Crash image 1Pi Network’s Price Performance. Source: BeInCrypto

Though the announcement marked a strategic move for the project’s long-term growth, it underwhelmed many users and likely contributed to the sell-off.

“The community believed they were heading toward a full Mainnet launch with 100 high-quality DApps — but instead, on May 14th, there was no major update. Just Pi Network Ventures,” Dr. Picoin pointed out.

Despite the fallout, Pi co-founder Dr. Nicolas Kokkalis used the conference to spotlight Pi Network’s future direction. He shared plans to integrate artificial intelligence and decentralized identity tools for Web3 applications.

Kokkalis also confirmed that the network’s central node has been decommissioned, paving the way for full decentralization. Additionally, he introduced the Horizon upgrade for Pi Node operators, a critical step toward mainnet readiness.

2

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

After bitcoin returns to $90,000, is Christmas or a Christmas crash coming next?

This Thanksgiving, we are grateful for bitcoin returning to $90,000.

BlockBeats2025/11/28 08:43
After bitcoin returns to $90,000, is Christmas or a Christmas crash coming next?

Bitcoin security reaches a historic high, but miner revenue drops to a historic low. Where will mining companies find new sources of income?

The current paradox of the Bitcoin network is particularly striking: while the protocol layer has never been more secure due to high hash power, the underlying mining industry is facing pressure from capital liquidation and consolidation.

区块链骑士2025/11/28 08:23
Bitcoin security reaches a historic high, but miner revenue drops to a historic low. Where will mining companies find new sources of income?

What are the privacy messaging apps Session and SimpleX donated by Vitalik?

Why did Vitalik take action? From content encryption to metadata privacy.

ForesightNews 速递2025/11/28 08:23
What are the privacy messaging apps Session and SimpleX donated by Vitalik?

The covert war escalates: Hyperliquid faces a "kamikaze" attack, but the real battle may have just begun

The attacker incurred a loss of 3 million in a "suicidal" attack, but may have achieved breakeven through external hedging. This appears more like a low-cost "stress test" targeting the protocol's defensive capabilities.

ForesightNews 速递2025/11/28 08:23
The covert war escalates: Hyperliquid faces a "kamikaze" attack, but the real battle may have just begun