A major storm is brewing in the crypto world 🌪️ — and this time, it’s about Pi Network, one of the most hyped “mobile mining” projects. According to crypto analyst Dr. Altcoin, the Pi Core Team may have pulled off a “quiet rug pull”, cashing out millions while the community was busy cheering on fake promises. 📉 Pi Coin skyrocketed from $0.40 to $1.60, only to crash nearly 50% soon after… 😬
So what went wrong? 💣 Pi Network recently announced a $100M fund to build real-world projects using Pi Coin. Sounds bullish, right? 🚀 But instead of rising, Pi’s price nosedived, leaving investors confused and angry. 😤 Dr. Altcoin says this fund announcement was just a distraction while the Core Team secretly sold huge amounts of pre-mined Pi tokens at the top. 📤💰 Shockingly, 89% of all Pi tokens are controlled by the team, raising red flags about centralization and manipulation.
Adding fuel to the fire 🔥, the community expected a mainnet launch with 100+ DApps by mid-May, but all they got was “Pi Network Ventures” — not what users were hoping for. Many early supporters, called Pioneers, now feel betrayed 😔 as their years of trust and promotion were apparently used just to pump the coin before the dump. Even worse, it was revealed that all Pi tokens were pre-mined, and KYC is now handled by AI, making things feel even more shady 🤖🕵️♂️.
As the price dips back to $0.80 and may drop further, Dr. Altcoin warns that this may become one of the most sophisticated scams in crypto history if true 😱. The Pi Core Team hasn’t responded yet — but if the accusations are right, thousands of users may have been misled in a textbook example of insider manipulation. 💔📉 This is a wake-up call to all crypto investors: Don’t fall for hype without real progress! ⚠️🔍
And Who is Dr. Altcoin? As per his X account
In case you do not know about me — I am Dr. Altcoin.
I am an early Pi Pioneer who truly believes in the Pi Network project. But I also criticise the Pi Core Team, mostly constructively, when things go wrong.
I used to be called Dr. Picoin, but I was reported, likely by the Pi Core Team , to X and was forced to change my name due to Picoin being a copyright or trademark issue. I had used Dr. Picoin for a long time, but only got red-flagged on X after I officially criticised the Pi Core Team.
From the whole Pi Community, there are only two of us left who publicly challenge the Pi Core Team: myself and @CryptoXDElon. @CryptoXDElon gave up on the Pi Core Team a long time ago and now publicly calls them fraudsters. I, on the other hand, still believe the Pi Core Team has the means to set things right.
Does that mean I am against the Pi Network project?
No — and it takes some level of intelligence to differentiate between the Pi Network as a project and the Pi Core Team as its leadership. @PiCoreTeam @nkokkalis @Chengdiao