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#pi pp Shocking Internal Struggle! Pi Network Nearly Collapsed, Founders Exposed in Infighting!**
In 2020, the highly anticipated cryptocurrency project Pi Network faced an intense power struggle just before its launch, nearly leading to its demise. Although it ultimately successfully launched its mainnet and conducted one of the largest airdrops in history, the details of this internal conflict remain largely unknown.
**Founders Feuding: Legal Battles and Power Struggles**
In 2020, one of the co-founders of Pi Network, Vincent McPhilip, sued the other two founders, Nicolas Kokkalis and Chengdiao Fan, accusing them of misusing company resources, creating a toxic work environment, and attempting to push him out. McPhilip claimed that Kokkalis and Fan's marital issues severely affected their work, even leading to physical altercations, which hindered his ability to effectively lead the project.
McPhilip also revealed that Kokkalis and Fan tried to dilute his shares by issuing new stocks at a low price, further undermining his influence in the company. This dispute was eventually settled in July 2023, but specific details were not made public. Following this, McPhilip turned to a new project, Knomad, and continued to be active in the cryptocurrency space.
**Pi Network Responds to Fraud Allegations**
Despite a continuous increase in user numbers, Pi Network still faces allegations of fraud. On February 22, the project team issued a statement clarifying that they are not involved in any fraudulent activities and condemned illegal actions that misused their name. The team emphasized that the warnings from Chinese police are unrelated to Pi Network and that they have not communicated with authorities.
Furthermore, Pi Network denied any connection with the cryptocurrency exchange ByBit and its CEO Ben Zhou, and clearly distanced themselves from negative comments on social media. Despite ongoing controversies, the price of Pi Network's tokens surged by 86% within 24 hours, reaching a market capitalization of $10 billion, demonstrating strong market performance.
**Conclusion**
The internal struggles and fraud allegations surrounding Pi Network reveal the complex reality behind the glamorous facade of the cryptocurrency industry. Despite facing numerous challenges, Pi Network still holds a place in the market, but its future development remains uncertain.
In 2020, the highly anticipated cryptocurrency project Pi Network faced an intense power struggle just before its launch, nearly leading to its demise. Although it ultimately successfully launched its mainnet and conducted one of the largest airdrops in history, the details of this internal conflict remain largely unknown.
**Founders Feuding: Legal Battles and Power Struggles**
In 2020, one of the co-founders of Pi Network, Vincent McPhilip, sued the other two founders, Nicolas Kokkalis and Chengdiao Fan, accusing them of misusing company resources, creating a toxic work environment, and attempting to push him out. McPhilip claimed that Kokkalis and Fan's marital issues severely affected their work, even leading to physical altercations, which hindered his ability to effectively lead the project.
McPhilip also revealed that Kokkalis and Fan tried to dilute his shares by issuing new stocks at a low price, further undermining his influence in the company. This dispute was eventually settled in July 2023, but specific details were not made public. Following this, McPhilip turned to a new project, Knomad, and continued to be active in the cryptocurrency space.
**Pi Network Responds to Fraud Allegations**
Despite a continuous increase in user numbers, Pi Network still faces allegations of fraud. On February 22, the project team issued a statement clarifying that they are not involved in any fraudulent activities and condemned illegal actions that misused their name. The team emphasized that the warnings from Chinese police are unrelated to Pi Network and that they have not communicated with authorities.
Furthermore, Pi Network denied any connection with the cryptocurrency exchange ByBit and its CEO Ben Zhou, and clearly distanced themselves from negative comments on social media. Despite ongoing controversies, the price of Pi Network's tokens surged by 86% within 24 hours, reaching a market capitalization of $10 billion, demonstrating strong market performance.
**Conclusion**
The internal struggles and fraud allegations surrounding Pi Network reveal the complex reality behind the glamorous facade of the cryptocurrency industry. Despite facing numerous challenges, Pi Network still holds a place in the market, but its future development remains uncertain.
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