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.
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.
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.
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.
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