- Allegations question Pi Network’s legitimacy and market movements.
- Expert insights highlight key concerns.
- Potential $8 billion impact feared.
Nut Graph: The allegations around Pi Network signal potential market disruptions, as experts weigh the legitimacy and risks.
Allegations of fraud have surfaced against Pi Network, spotlighting significant market shifts. Price volatility has been a focal point, with dramatic rises and falls. On May 1, 2025, PI coin’s value was $0.6135, soaring to $1.6704 by May 12, 2025.
Experts are raising alarms about Pi Network’s legitimacy. Atlas, a crypto investigator, accuses the network of a pump-and-dump scheme, citing blockchain data. A clear “insider ‘pump and dump’ strategy” was identified, based on blockchain data showing a wallet linked to the PI Core Team dumping over 12 million PI tokens, coinciding with a price crash.
The market has reacted sharply. A significant drop in PI coin’s value followed the allegations, affecting investor confidence. Critics mention insider trading possibilities, emphasizing the dramatic price shifts impacting broader perceptions of the network’s reliability.
These allegations carry significant financial implications. If true, the incident could be one of the largest scams in 2025, with parallels to previous cases where investor funds were at risk. Experts call for transparency and deeper investigations into the claims made against Pi Network.
The unfolding situation with Pi Network prompts scrutiny over potential financial, technological, and regulatory outcomes. Observers point to the necessity for clearer operational transparency within crypto projects to prevent similar issues. Such incidents emphasize the need for robust due diligence and oversight in cryptocurrency.
Ben Zhou, CEO of Bybit, commented on the situation, stating:
“Here is an official police warning from Chinese authorities back in 2023, warning the public that Pi is a scam targeting elderly folks, leaking their personal data and risking pension loss. Multiple reports question the project’s legitimacy. Bybit never made a listing request for $PI, and the claim that $PI refused Bybit’s listing or that Bybit did not pass some sort of KYB from $PI is completely false. If the project is legitimate, it should address these reports so everyone can understand. Instead, you choose to fabricate things and engage in childish attacks. Yes, I still think it’s a scam and no, Bybit will not list a scam.”
