Is Pi Network the Biggest Crypto Scam of 2025?

Published by

Vignesh S G

May 20, 2025

Is Pi Network the Biggest Crypto Scam of 2025?

A viral post by crypto investigator Atlas has triggered serious allegations against Pi Network, claiming a potential $8 billion insider scam—possibly the biggest rug pull of 2025.

12M PI Tokens Dumped — Pi Coin Price Crashes Over 50%

Atlas, known for past blockchain investigations, shared blockchain data showing that over 12 million PI tokens were allegedly dumped by a wallet linked to the PI Core Team.

May 1, 2025: PI price was $0.6135
May 12: It surged to $1.6704 (113.20% growth)
May 14 onwards: Price dropped by 40.27%
Current (May 20): Trading around $0.7364 — down 32.3% in the last 7 days

Atlas claims this dump aligns exactly with the price crash, indicating what he calls a clear insider “pump and dump” strategy.

Pi Network: Boom or Bust?

Launched as a mobile-first mining platform, Pi Network gained rapid traction, boasting over 60 million users globally. The project finally launched its Mainnet in early 2025, triggering a price surge of over 2,737% in the first week.

However, critics point to a lack of transparency, no working dApps, and closed-source code as major red flags.

Atlas highlights the following concerns:

Low number of active wallets despite 60M users
No real adoption or utility
Heavy reliance on a multi-level referral system
Absence of communication around the 12M token movement

“Stop watching announcements. Watch the wallets.” — Atlas

Also Read :
Pi Coin News: 14M Tokens Shifted from Exchange to Wallets, Bullish Case Explained
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PI Community Reacts: Testnet Migration or Insider Dump?

In response, PI supporters argue the movement of tokens is a routine testnet-to-mainnet migration, not a sell-off.

But Atlas dismisses this defense, calling out the timing, wallet linkages, and lack of public explanation. He believes the project is orchestrating the “biggest slow rug” of 2025.

What’s Next for PI Network?

With the price down and allegations mounting, all eyes are now on the PI Core Team for clarity. Atlas has urged users to track blockchain activity, not marketing messages, and demands transparency on the 12 million PI token transfer.

FAQs

How can investors track Pi Network wallet activity?

Use on-chain explorers like PiScan to monitor large transfers and wallet balances in real time.

Is Pi Network a scam or rug pull?

Allegations of a “rug pull” and insider scam are circulating due to a 12M PI token dump, but Pi Network supporters claim it’s a routine mainnet migration.

What are the main concerns about Pi Network?

Concerns include a lack of transparency, no working dApps, closed-source code, low active wallet count, no real utility, and heavy reliance on referrals.

Vignesh S G

Vignesh is a young journalist with a decade of experience. A proud alumnus of IIJNM, Bengaluru, he spent six years as a Sub-Editor for a leading business magazine, published from Kerala. His interest in futuristic technologies took him to a US-based software company specialising in Web3, Blockchain and AI. This stint inspired him to view the future of journalism through the lens of next generation technologies. Now, he covers the crypto scene for Coinpedia, uncovering a vibrant new world where technology and journalism converge.