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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- May 17, 2025 07:18 UTC
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Pi Network Rug Pull? Did the Team Cash Out and Abandon the Community?
Dr. Altcoin accuses Pi Core Team of orchestrating a quiet rug pull, using hype around a $100M fund to dump pre-mined Pi tokens.
Pi Coin plunged nearly 50% from $1.60 to $0.80 as investors fear centralized supply and unmet mainnet promises.
Pi Network launched a $100M fund to support real-world Pi Coin projects, but despite the bullish intent, the coin’s price dropped post-announcement, disappointing investors. Post the event, the Pi Network is under fire as crypto analyst Dr Altcoin accuses the Pi Core Team of misleading the community and orchestrating a quiet rug pull. In a recent exposé, he claims that the team used hype and misleading narratives to boost Pi’s price while quietly cashing out at the top.
Pi Coin Community Feels Betrayed Amid Missing Utility
Analyst highlighted a March video in which the co-founder’s wife stated it took six years to build the Pi ecosystem and ensure its utility. However, he argues that the real utility and decentralized apps (DApps) are still in development and are only now being funded through Pi Network Ventures. This new funding arm was launched on May 14, when many were expecting a full mainnet release, leaving supporters disappointed.
According to the analyst, the Pi Core Team leveraged its user base, referred to as “Pioneers”, for free promotion up until funding was secured. But now, the team has stopped using the term altogether. Adding to the community’s concerns, it was recently revealed that all Pi coins were pre-mined, something users were unaware of, and most KYC processes are now handled by AI.
Most importantly, Pi’s core team holds 89% of the token supply, making users worry about a possible dump like what happened with Terra Luna.
Pi Coin Price Crash
Moreover, he alleges that the Core Team created hype leading up to the Consensus 2025 event, pushing Pi’s price from $0.40 to $1.60 with promises of a vibrant Pi Ecosystem and 100 ready-to-launch DApps. But behind the scenes, the team is believed to have sold tens, if not hundreds, of millions worth of Pi tokens at the top, while users remained distracted by optimistic updates.
Since then, Pi has dropped nearly 50%, now trading around $0.80 and possibly heading back to $0.40. With no major mainnet update delivered, the analyst says the team has effectively “rug-pulled” the community, cashing in while failing to meet development promises.
If proven true, these claims mark a significant breach of trust for early Pi adopters who believed in long-term value and fair distribution.
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FAQs
Analysts allege Pi’s Core Team misled users, but the project isn’t proven fraudulent; true value hinges on mainnet utility.
All Pi coins were pre-mined by the Core Team, contrary to community expectations of decentralized mining.
Yes 
No 
