Users farmed it for “free” and lost EVERYTHING
CEO Nicolas Kokkalis vanished MILLIONS with insiders
I've spent ~100h to expose the scam scheme behind $Pi👇🧵
1/ What was Pi Network?
A mobile app that promised users free crypto just by tapping
No real mining, no proof of work - just daily check-ins
The idea: build a massive user base first, launch later
It worked... for a while
2/ The hype machine
For 3+ years, Pi pushed the “you’re early” narrative
Social mining, invite codes, and referral schemes
Millions joined from emerging markets
But no token, no liquidity, no transparency
3/ The phantom launch
In 2025 - Pi finally listed
The market immediately nuked
75% crash in days
Why? Because insiders dumped while users had no liquidity access
4/ Locked tokens trap
Most users couldn’t even sell
Pi made 100% of their balances “locked” unless KYC was passed
And KYC was slow, broken, or denied
Free tokens became unusable digital debt
5/ Last cases
Pi Network has faced red flags from the start:
▪︎ In 2021, 17GB of user data leaked in Vietnam
▪︎ Chinese regulators warned about data harvesting
▪︎ Even Bybit’s CEO called them a scam
This isn’t their first controversy
6/ Insider trading
While regular users were locked out...
Early team members, advisors, and whales sold at top
On-chain sleuths tracked massive transfers to CEXes
Tokens dumped before retail could react
7/ Centralized control
Pi had no public chain, no smart contracts, no external audits
All balances were controlled by the app
The devs had full access to every wallet
This wasn’t decentralized - it was a database with a price feed
8/ Marketing over substance
Millions of downloads, hundreds of tweets, influencer partnerships
But no whitepaper, no roadmap, and no working product
The illusion of progress was just a delay tactic
They needed the crowd big enough to dump on
9/ The “free” lie
Pi was never free
Users gave away personal data, KYC, and device access
Some even paid for Pi merch, swag, and events
The only thing they didn’t get? Liquidity
10/ CEO in question
Pi CEO Nicolas Kokkalis built a cult-like image
But avoided all hard questions
He cashed in on user trust and hype
Now his network is collapsing - and he’s silent
11/ Conclusion
This wasn’t just a failed token
It was a mobile-optimized pyramid scheme disguised as crypto
Millions were misled - some still are
Don’t fall for “passive income” apps again unless you are 100% sure
I hope you enjoyed this thread
Do not hesitate to ask your questions in comments
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