🚨 Crypto Analyst Atlas Calls Pi Network "2025’s Biggest Rug Pull" After 12M Token Dump Crashes Price by 50%
A prominent on-chain analyst known as Atlas has accused Pi Network of orchestrating a rug pull after an anonymous wallet dumped 12 million tokens, causing Pi’s price to plummet by 50% in hours.
### The Alleged Insider Dump
The massive sell-off occurred just days after Pi surged to $1.60 on speculation of a Binance listing and a major announcement. However, when the May 14 reveal turned out to be a $100M investment fund (rather than an exchange listing), the price crashed 25% in 24 hours.
Atlas claims the dumping wallet (**GABT7EMP**) is linked to the Pi Core Team, with millions of Pi flowing out near the price peak.
> "This looks like a textbook insider exit during peak liquidity." – Atlas
### Pi Network’s Response
While the Pi Core Team has not directly addressed the allegations, a pro-Pi account (*Times of Pi Network*) stated:
> "The Pi Core Team manages numerous wallets for ecosystem development, liquidity, partnerships, and rewards."
Atlas dismissed claims that the transfers were part of a testnet-to-mainnet migration, arguing that lack of transparency fuels pump-and-dump suspicions.
### Market Fallout
- Pi’s price dropped from ~$1.60 to $0.74 in a week.
- Critics accuse the team of hyping announcements to inflate price before dumping.
- Supporters warn that overpromising and underdelivering could damage long-term trust.
### Is Pi Network a Rug Pull?
The controversy raises serious questions:
🔍 Was this an insider cash-out?
📉 Will Pi recover, or is this the start of a deeper collapse?
🤔 Can the team regain community trust?