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 contemporary accusations of a possible rug pull, as customers uncover massive token transfers linked to challenge 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 critical allegation towards the Pi Core Workforce. He claimed the group offloaded tens of millions of PI tokens throughout the current value peak close to $1.60.
He cited blockchain information that exposed a 12 million PI switch and claimed the group manipulated the worth whereas the neighborhood targeted on challenge bulletins.
“The Core Workforce bought tens of tens of millions, if not a whole bunch of tens of millions, of Pi on the peak — all whereas the neighborhood was distracted by bulletins and the phantasm of progress,” Dr. Picoin alleged.
His claims, although unverified, rapidly unfold on-line and fueled panic amongst holders. The allegations additionally triggered debates over transparency and belief throughout the challenge.
Whereas some customers echoed issues of insider profit-taking, others dismissed the accusations as deceptive.
One Pi supporter argued that the transactions have been tied to the migration of consumer balances from testnet to mainnet.
In accordance with the account, the pockets deal with on the middle of the difficulty is GABT7EMP. It has lengthy been labeled as a distribution pockets used for operational functions.
“They’re saying Pi is being bought. not true. Solely those that dont perceive this pockets will likely be mislead. Dont be one in all them. They’re utilizing Piscan which reveals 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 anticipate a mainnet launch and widespread dApp rollout. As an alternative, the core group unveiled Pi Community Ventures—a $100 million ecosystem fund geared toward supporting builders within the Pi neighborhood.
Although the announcement marked a strategic transfer for the challenge’s long-term progress, it underwhelmed many customers and certain contributed to the sell-off.
“The neighborhood believed they have been heading towards a full Mainnet launch with 100 high-quality DApps — however as a substitute, on Might 14th, there was no main replace. Simply Pi Community Ventures,” Dr. Picoin identified.
Regardless of the fallout, Pi co-founder Dr. Nicolas Kokkalis used the convention to highlight Pi Community’s future course. 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 important step towards mainnet readiness.
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