Exclusive: Is Pi Network a Pump and Dump? Expert Explains the Crash, Backlash, and Scam Rumors

The Pi Coin has been making headlines lately — and not all for the right reasons. What started as excitement around Pi Network’s founder Dr. Nicolas Kokkalis speaking at Consensus quickly turned into confusion and controversy. The coin’s price spiked to $1.60, only to crash soon after, leaving traders stunned. But that wasn’t the end of it. Rumors began spreading that Pi might be one of the biggest scams of 2025. 

This speculation gained traction when it was revealed that over 22,000 migrated wallets didn’t belong to real pioneers but to the Pi Core Team itself. According to tracking data from Piscan Official, nearly 10,000 of these wallets each held 2 million Pi coins — adding up to a staggering 20 billion Pi.

So what’s really going on behind the scenes? To clear up the confusion, we spoke with market analyst MrSpockApe, a long-time Pi supporter, who shared his take on the situation.

A few weeks ago, people seemed quite positive about Pi Network, especially after the Consensus event and the founders’ speeches. What do you think happened that made so many people start calling it a scam all of a sudden?

According to the analyst, a lot of pioneers are new to crypto and don’t fully understand how the industry works.

“Because of this, they are easily misled by false or inaccurate information circulating online. Leading up to the Consensus event, many pioneers had unrealistic expectations. Some believed that Dr. Nicolas Kokkalis was going to announce a major partnership during his talk, while others expected him to reveal the official value of Pi,” he said.

A ‘big announcement’ was not the purpose of his appearance, the expert said. He was there to participate in the discussions around blockchain and artificial intelligence.

“This led to confusion and disappointment among those who were expecting something different,” he added.

Do you feel people are mainly upset because the price hasn’t moved, or is there something else bothering the community?

The price of Pi had already started climbing after the announcement that the project’s founder would speak at Consensus. In fact, it surged by nearly 100%. Many Pi holders were hoping for another big price jump following his appearance, expecting some major announcement. But instead, the opposite happened — the price dropped sharply. This sudden rise and fall led people to accuse the project of being a typical “pump and dump” scheme.

The analyst explained that many Pi supporters don’t fully understand how events like Consensus work. These conferences aren’t meant for big public announcements. Instead, they’re mostly about meeting people, sharing ideas, and holding private talks. If any deals or partnerships happen, they’re discussed in private and might be announced weeks or months later — or sometimes not at all.

“So, the backlash is mostly the result of miscommunication, unmet expectations, and a lack of understanding about the crypto world. The project itself is still progressing, but it’s important for pioneers to stay informed and patient—and to rely on official sources rather than rumors,” he added.

There are a lot of talks about pump and dump activities. Why do you think the Pi Network team hasn’t spoken up about these allegations yet?

“The Pi Network team has indeed addressed recent allegations, including those related to pump-and-dump activities,” the analyst said. He also recalled the time when in February 2025, Bybit CEO Ben Zhou publicly labeled Pi Network a scam, citing a 2023 Chinese police warning about fraudulent schemes targeting the elderly. 

He explained, “In response, Pi Network clarified that the police report pertained to impersonators misusing their name and that they had no affiliation with such activities. They emphasized that they had not been contacted by Chinese authorities regarding this matter and condemned any fraudulent actions carried out by bad actors misrepresenting themselves as part of Pi Network.”

Pi coin is currently trading at $0.83 and is now aiming to break above the crucial $1 mark.

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