A leading analyst, Atlas, is sounding the alarm about Pi Network after a sudden price drop occurred following a large token sell-off. Atlas claims that 12 million PI tokens were sold off within hours, wiping out more than half the token's value. His thread quickly garnered attention on X (formerly Twitter), as blockchain data seemed to support claims of insider trading.
The price of Pi Coin recently peaked at $1.60 at the beginning of 2025, so the sharp decline surprised many. Atlas stated he spent 32 hours investigating the situation and discovered concerning signs, from suspicious token moves to a lack of transparency and too much control resting in the hands of the core team.
The initial hype and delays of Pi Coin raised initial questions.
Pi Network began with the promise of cryptocurrency mining on mobile devices. This idea attracted millions of users with the allure of free tokens and future profits. Despite the initial momentum, the platform has spent years in closed beta, delaying full network access and public trading.
Past events have raised doubts. In 2021, reports of a 17 GB user data leak from Vietnam and concerns from Chinese regulators about data collection activities caused unease. Atlas also noted that the CEO of Bybit publicly questioned the legitimacy of Pi Network at that time.
The subsequent Mainnet launch is the collapse of Pi Coin's price.
When Pi Network launched Mainnet and started trading, speculation drove the price up from $0.66 to $1.60. This increase coincided with Pi's appearance at Consensus 2025, where expectations for the technological update were instead met with the launch of a $100 million venture capital fund. Shortly thereafter, an incident occurred.
Atlas referenced a wallet labeled GABT7EMP, which blockchain explorers like Piscan indicated was a major source of token transfers during this time. A community figure, Dr. Picoin, claimed that the core team had quietly sold tokens taking advantage of the liquidity spike during the announcement period.
Furthermore, Atlas raised deeper suspicions about the project's structure. He noted that the system operates on a multi-level referral model rather than being utility-based. Despite claiming to have 60 million users, the number of active wallets appears low. There is still no open-source code, no decentralized governance, and limited technical visibility.
Critics argue that major updates promised to the community have been replaced with vague goals and marketing-driven narratives. During this time, insiders were accused of withdrawing a large amount of tokens with limited disclosure.
The analyst demands transparency from the Pi Core team.
Atlas concluded that if the sale of 12 million tokens is confirmed, this could be considered one of the largest divestment moves in 2025. He called on the Pi Core Team to disclose details about the wallet and transaction history to clarify the situation.
The Pi Network team has not yet responded at the time of writing. As questions increase, community members are currently closely examining token flows and the behavior of insiders to determine the next steps for the project.
