Controversy is brewing around the Pi Network following serious allegations that the Pi Core Team orchestrated a “rug pull” — artificially inflating the price of Pi through hype and misleading announcements, only to sell off large amounts at the peak.
According to a post by crypto commentator Dr. Altcoin, the Core Team leveraged momentum surrounding Consensus 2025 and the much-publicized “Pi Ecosystem” reveal to drive the price of Pi from $0.40 to $1.60. However, what appeared to be a bullish turning point for the network may have instead been a calculated exit.
“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,” the tweet alleges.
No Mainnet Launch, Just Market Speculation?
The Pi community reportedly believed they were on the verge of a full Mainnet launch, complete with 100+ high-quality decentralized apps (DApps). But when May 14 arrived, there was no such launch — only the announcement of Pi Network Ventures, a less impactful initiative than many had hoped for.
Since then, Pi’s price has sharply declined to $0.80, and according to Dr. Altcoin, appears to be retracing toward its original price level of $0.40 — wiping out the speculative gains generated by the earlier hype cycle.
Community Reaction and Broader Implications
The post ends with a bold claim:
“So far, the Pi Core Team has defrauded the Pi community — and no one has noticed.”
The tweet tags key figures in the Pi Network ecosystem, including @PiCoreTeam, @nkokkalis, and @Chengdiao, urging accountability and transparency.
As of now, the Pi Core Team has not publicly responded to these allegations. If true, these events could represent one of the more sophisticated examples of insider-led market manipulation in the crypto space — and could invite regulatory scrutiny.
This incident serves as a cautionary tale for crypto communities: hype without delivery can become a costly distraction, especially when insiders are positioned to profit.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/pi-coin-analyst-accuses-project-of-executing-a-rug-pull/