In recent years, Pi Network garnered attention for its concept of free mining through smartphones. However, recent investigations point to potential fraud and manipulations by the project team.
The Rise of Pi Network
Launched with an ambitious goal to democratize cryptocurrency mining, Pi Network quickly attracted millions of users. It promised free tokens to mine through a mobile app and rewards after launching the mainnet. However, frequent delays in the project led to a sustained belief despite setbacks.
Collapse and Exposure
In May 2025, shortly after Pi Network's exuberant appearance at Consensus 2025, the token price collapsed by more than 50% within days. This coincided with the announcement of a $100 million venture fund, perceived by many as a distraction from a lack of real progress. Analysis indicated that the project team dumped a substantial amount of tokens at the price peak.
Questionable Nature of the Project
Recent findings raise questions about whether Pi Network is truly a blockchain project. The absence of decentralized governance, functional dApps, and open-source code suggests that the project might be more of a marketing scheme than an innovation.
The situation surrounding Pi Network raises important questions about the reliability of cryptocurrency projects and the need for thorough vetting before investing.
