Pi Community is dealing with renewed backlash from its neighborhood after its native token, PI, plunged over 50% previously 5 days.
The sharp decline has raised recent accusations of a possible rug pull, as customers uncover massive token transfers linked to undertaking insiders.
12 Million Tokens Switch Sparks Rug Pull Fears for Pi Community
On Might 17, a revered neighborhood member referred to as Dr. Picoin made a severe allegation towards the Pi Core Crew. He claimed the workforce offloaded hundreds of thousands of PI tokens in the course of the latest worth peak close to $1.60.
He cited blockchain knowledge that exposed a 12 million PI switch and claimed the workforce manipulated the value whereas the neighborhood centered on undertaking bulletins.
“The Core Team sold tens of millions, if not hundreds of millions, of Pi at the peak — all while the community was distracted by announcements and the illusion of progress,” Dr. Picoin alleged.
His claims, although unverified, shortly unfold on-line and fueled panic amongst holders. The allegations additionally triggered debates over transparency and belief inside the undertaking.
Whereas some customers echoed considerations of insider profit-taking, others dismissed the accusations as deceptive.
One Pi supporter argued that the transactions had been tied to the migration of person balances from testnet to mainnet.
In line with the account, the pockets deal with on the heart of the problem is GABT7EMP. It has lengthy been labeled as a distribution pockets used for operational functions.
“They are saying Pi is being sold. not true. Only those who dont understand this wallet will be mislead. Dont be one of them. They are using Piscan which shows outflow to mislead you,” the account said.
The controversy emerged shortly after Pi Community’s much-anticipated look at Consensus 2025.
Teasers had led many to count on a mainnet launch and widespread dApp rollout. As an alternative, the core workforce unveiled Pi Community Ventures—a $100 million ecosystem fund aimed toward supporting builders within the Pi neighborhood.
Although the announcement marked a strategic transfer for the undertaking’s long-term development, it underwhelmed many customers and certain contributed to the sell-off.
“The community believed they were heading toward a full Mainnet launch with 100 high-quality DApps — but instead, on May 14th, there was no major update. Just Pi Network Ventures,” Dr. Picoin identified.
Regardless of the fallout, Pi co-founder Dr. Nicolas Kokkalis used the convention to highlight Pi Community’s future route. He shared plans to combine synthetic intelligence and decentralized identification instruments for Web3 purposes.
Kokkalis additionally confirmed that the community’s central node has been decommissioned, paving the way in which for full decentralization. Moreover, he launched the Horizon improve for Pi Node operators, a crucial step towards mainnet readiness.
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