Breathtaking drama at Pi Network: Sell-off, mystery, and price storm.
Pi Network is facing the biggest scandal in history as a cryptocurrency investigator named Atlas reveals a suspected internal sell-off worth up to 8 billion USD. And the suspected culprit is... The Pi Core team – the brain behind the project.
This shock has left the PI community feeling like 'sitting on a pile of fire', especially when the token price plummeted over 50% within just a few days. No need for anyone to dump, the team itself is enough to panic the players.
What is happening?
• 12 million PI 'vanished': Blockchain data published by Atlas shows that a suspicious wallet belonging to the Pi Core team dumped 12 million PI right when the price fell from 1.67 USD to 0.73 USD. A suspicious coincidence!
• An additional 5.7 million tokens unlocked: On May 20, an additional 5.7 million PI tokens were released into the market, pushing the total circulating tokens to 397 million. Anyone with a weak heart already knows what is about to happen.
• Wallets are numerous but no one knows who is who: Analyst Dr. Altcoin accuses the Pi Core team of holding over 10,000 wallets (and sub-wallets), while only 7 wallets are transparent. It's as tangled as a mess.
• The community is split: One faction says this is just a technical transition from testnet to mainnet. The other faction – led by Atlas – does not believe it, claiming everything is too 'ambiguous', especially the timing of the 'suspicious coincidence'.
Current PI price: Is it rising or just playing with emotions?
As of May 21, 2025, PI is hovering around 0.82 USD – showing a slight increase of 10% in 24 hours but still down 30% compared to last week. The market at this moment is no different from a roller coaster, anyone with a weak heart is probably sweating cold.
A few comments:
• Where is the transparency? All doubts stem from the Pi Core team's excessive silence about transactions and wallet structure. Trust is not built on silence.
• The risk of 'stock dumping' is not over: With millions of tokens just unlocked and released on the market, if no new funds come in, the price of PI may continue to decline.
• The community is divided: One side still has faith, while the other is frustrated and disappointed. If things are not clarified soon, Pi may lose its most loyal supporters.
Conclusion (whisper but listen clearly):
Pi Network is at a crossroads: either rise to a glorious mainnet or drift amidst a storm of drama. To restore trust, the Pi Core team needs to be more transparent than ever: publicly disclose wallets, clearly explain transactions, and show everyone what the actual development plan is.
As for you – if you hold PI – stay alert, closely monitor developments, and don't rush to all-in or all-out. At this moment, information is money, while emotions should be set aside.