Pi Network users have expressed discontent and raised accusations against the project team following a drastic drop in token value. Allegations of token sell-offs have sparked rumors of a potential rug pull.
Allegations of Token Sell-Off
Following the recent steep decline in the value of the PI token, users have raised allegations against the project creators regarding possible sell-offs. A key figure in the community, Dr Picoin, stated in a post that insiders have sold millions of tokens at the peak of interest. According to him, "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."
Community Reactions
Despite the accusations, some users have pushed back against such claims, pointing out that the discussed wallet is a distribution wallet used by the team to migrate user balances to the mainnet. One user noted, "Don’t be misled by fake information circulating on X. Core team is not selling Pi. You are just being influenced to panic sell so that they can buy at a lower price."
Pi Network Developments and New Updates
Meanwhile, the Pi Network team continues to update the platform. At the Consensus conference, founder Dr Nicholas Kokkalis reported the shutdown of the central node for full decentralization. He also announced a new version of the node operating software called Horizon, which enhances security and performance. Kokkalis added that plans include integration of artificial intelligence and improvement of the network's technical infrastructure.
Allegations from Pi Network users regarding token sell-offs raise important questions about transparency and project management. Expectations for the mainnet launch remain high as the team continues to work on updates and the platform's evolution.
