Joaquina Felske TMEY

The recent launch of Pi Network Ventures has sparked frustration across the community—and for good reason. After six years of dedication, mining, promoting, and waiting, Pioneers expected a thriving ecosystem. Instead, we have learned that most of the promised 100 DApps still do not exist, and a 100 million dollar fund will now be used to build them.

Broken Promises, One After Another:

1. Most Pioneers never earned over 1000 Pi—not due to inactivity, but because referral rewards were never credited, and Ambassador bonus promises were quietly ignored.

2. KYC began in 2021. We embraced it and prepared for mass onboarding. But what followed were repeated delays, each with changing justifications.

3. The Open Network was promised almost every quarter since 2022, with constant hints that launch was just around the corner. Yet it took another three years to arrive—finally launching in 2025. By then, the excitement had faded, and the milestone had lost meaning.

4. One of the main reasons given for delaying the Open Network was the need to meet three core conditions—one of which was having 100 real Pi apps live or Mainnet-ready.

But todays announcement makes one thing painfully clear: even after six years—and despite the Open Network finally launching—most of those apps still do not exist. Now, the Core Team plans to use part of the 100 million dollar fund—value generated through the sweat, belief, and patience of the Pioneer community—to finally build what should have already been in place.

So what happened to the millions generated from years of in-app ad revenue? And what about the hackathons—were they not meant to incubate and launch these very DApps?

Too many questions. And as always—no real answers.

Trust Is Fading

Just days ago, the Core Team hyped a major ecosystem announcement, briefly pushing Pi value higher. But once the news dropped, Pi fell to 0.80 dollars—clear proof the announcement did not meet expectations. If it had, the market would have reacted with confidence, not disappointment.

We Deserve Better

Pioneers built this network. We are not just users—we are the foundation. It is time the Core Team delivers with real transparency, accountability, and respect for the community that made Pi what it is.

Please note: My criticism is always directed at the Pi Core Team—not the Pi Network Project. There is no doubt the project itself will become a success story.

@Dr_Picoin #piscam

That's right! After 6 years, Pi Network has only provided misleading information to deceive users, making people believe it's a promising project. In reality, the May 14 post by Nicolas exposed Pi as nothing more than a worthless project. Over the past 6 years, Nicolas has done absolutely nothing — he relied solely on fake posts to manipulate users. The hackathon competitions in 2022 and the so-called 100 Dapps announced in 2024 do not actually exist. Moreover, the Pi project is intentionally blocking over 50 million users from mining Pi for 4 to 6 years, preventing them from receiving any Pi until at least 2030.

#piscam

Soon, Vietnamese traders will have to use the 1matrix exchange. Anyone found to own crypto assets in cold wallets, hot wallets, or on foreign exchanges will be fined up to 200 million VND. All Vietnamese citizens who wish to participate in crypto must open accounts to transfer assets, store, and trade on licensed domestic exchanges. If caught owning illegal cryptocurrency assets, they will be dealt with according to regulations.

I asked ChatGPT and it replied as follows, please read it all!
How Much Advertising Revenue Has Pi Network Earned from 2019 to Present?
As of the end of 2024, Pi Network is estimated to have earned approximately $266.9 million USD in advertising revenue since its launch in 2019.
This figure is based on assumptions about user numbers and ad impressions, with an average CPM (Cost Per Mille) of $5 per 1,000 views.
(Source: vinathis. com)
Estimated Annual Advertising Revenue:
2019: $1,825,000
2020: $4,971,300
2021: $13,541,500
2022: $36,826,750
2023: $100,229,000
2024: $129,500,000
Total: $266,893,550
Pi Network’s Advertising Model
Pi Network launched the Pi Ad Network, which allows developers to integrate ads into their apps within the Pi ecosystem.
Ads are mostly displayed as video and interstitial ads, with CPM rates ranging from $1 to $15 depending on the type.
(Source: vinathis. com)
Importantly, Pi Network requires advertisers to pay in Pi coins, creating a closed-loop ecosystem and increasing the utility of the Pi cryptocurrency.
(Source: newsway. com. ng)
This is exactly why Nicolas is intentionally blocking more than 50 million people from mining Pi for 4-6 years, not paying them Pi; these accounts will not have any Pi to sell by 2030. The aim is to force them to watch advertisements. Truly, this is the dirtiest and most despicable project created by the conman doctor Nicolas. #piscam #pinetwork

In just 3 hours, the price of Pi dropped nearly 50% from $1.7 to $0.99, causing significant losses for investors. What is noteworthy here is that Nicolas did this on purpose. Let's analyze: just to have beautiful data for Nicolas to present at Consensus 2025, the Pi Network engaged in the act of creating false trading volume to deceive investors. Nicolas used about $5 million to conduct nearly 200 buy and sell transactions of Pi on exchanges to artificially inflate the trading volume of Pi to over $1 billion. Many investors fell into Nicolas's trap when they FOMOed into the price of Pi, resulting in heavy losses. A project with a market cap of $10 billion lost nearly 50% of its market cap in just 3 hours, indicating that this project indeed has issues with fraudulent liquidity creation to mislead investors. It is certain that when the price of Pi hit $1.7, Nicolas used auxiliary wallets to deposit Pi onto exchanges and sold them, reaping tens of millions of dollars from investors. We are like sheep being toyed with by Nicolas, having our wool sheared.

Fortunately, Binance, Bybit, and Coinbase rejected the listing of this scam project, successfully protecting users. Additionally, the Pi Network project is intentionally blocking over 50 million users from mining Pi for 4-6 years; these accounts will not be able to receive Pi even by 2030.

#piscam #pinetwork

Over 50 million out of 65 million Pi Network users — who have been mining Pi for 4–6 years — are currently being deliberately delayed or stuck at the KYC step (step 9). This prevents them from receiving their mined Pi, effectively locking their assets. Even if Nicolas (Pi Network's founder) allows them to receive their Pi this year, they may not be able to sell it until 2028. If nothing is done, they might not receive any Pi at all until 2030.
The real goal? To push people into buying Pi from Nicolas' KYC wallet via Banxa, rather than letting users receive their own Pi for free.
It's becoming increasingly clear: this is a scam project. Pi Network is using paid influencers (KOLs) on X (Twitter), Facebook, etc. to spread fake optimism and mislead users into investing. Meanwhile, the developers are preparing to sell Pi tokens on the market, leaving retail investors with worthless tokens.
On top of that, the market cap of Pi Network is a complete scam. The devs reported to CoinMarketCap that 7 billion Pi tokens are in circulation, while in reality, only 1.8 billion are actually accessible. The remaining 5.2 billion are locked. By calculating market cap based on 7 billion, they create a misleading illusion of value — a blatant manipulation #piscam

22 questions to assess your understanding of the Pi Network project!

For each question, choose one answer, and if you choose incorrectly, please explain why in the comments section below.

1. Nearly 55 million people have been mining Pi for 4 to 6 years but still haven’t received any Pi, correct?
A. True B. False
2. Nicolas intentionally blocked nearly 55 million accounts from being invited to KYC, leaving them stuck at step 9 (yellow), correct?
A. True B. False
3. Nicolas will continue delaying KYC and withholding Pi from nearly 55 million accounts for at least 3–5 more years (until 2028–2030) to buy time to profit from ads and secretly sell Pi daily, correct?
A. True B. False
4. Currently, all users in China—representing nearly 30 million accounts (40% of Pi miners)—have been blocked from KYC and receiving Pi, correct?
A. True B. False
5. A total of 1.8 billion out of 6.8 billion Pi have been distributed to miners, meaning only about 10% (180 million tokens) are circulating. If the full 100 billion tokens are released, the Pi price could drop to about $0.01—nearly 100 times lower than now, correct?
A. True B. False
6. 80% of Pi miners come from poorer countries like those in Africa, Cambodia, Vietnam, China, etc., correct?
A. True B. False
7. Nicolas is intentionally delaying KYC and withholding Pi to force users to buy Pi on exchanges at high prices using Banxa wallets for his own gain, correct?
A. True B. False
8. Over the past 6 years, Nicolas has earned more than $200 million from users watching ads on the Pi app, correct?
A. True B. False
9. The Pi Ads network, controlled by Nicolas, is turning 65 million users into 'ad-watching machines' generating millions of dollars per day—completely contradicting the original goal of creating a global currency, correct?
A. True B. False
10. The total Pi supply is 100 billion tokens, with Nicolas personally owning 20 billion and controlling another 15 billion in the ecosystem fund—totaling 35 billion tokens—all unlocked and sellable at any time, correct?
A. True B. False
11. The 55 million people stuck in KYC may have to wait at least 5 more years before they can sell their Pi, after Nicolas sells his 20 billion Pi first, correct?
A. True B. False
12. The Pi Network frequently publishes sensational, unverified information. For example, in 2024, they claimed 100 dApps would be ready when Pi launched, but by May 2024, not a single dApp had been announced, correct?
A. True B. False
13. Nicolas used rumors like '1 Pi = $314' to exploit user greed, causing serious financial losses to inexperienced investors, correct?
A. True B. False
14. KOLs were paid by Nicolas to spread fake news such as 'Binance, Bybit, and Coinbase will list Pi' to deceive miners, correct?
A. True B. False
15. In Pi app chat channels, any user who posts negative feedback such as 'KYC delays' or 'the project is a scam' is instantly banned—this is done under Nicolas's orders, correct?
A. True B. False
16. Nicolas and the development team continuously post vague, timeline-free updates to mislead the community over the past 6 years, correct?
A. True B. False
17. Nicolas and cFan used manipulation to force McPhilip, one of the original co-founders, out of the project, correct?
A. True B. False
18. The auction of domains like samsung.pi and amazon.pi was done using fake wallets created by Nicolas, which can’t be verified on the blockchain and have now mysteriously disappeared, correct?
A. True B. False
19. The collapse of the Pi Network will happen by the end of 2025—do you believe that?
A. True B. False
20. Buying domains using famous brand names like samsung.pi and amazon.pi is illegal and considered trademark infringement—owners of such domains can be sued, correct?
A. True B. False
21. Millions of cloned accounts using fake documents and the same face passed KYC and received Pi, correct?
A. True B. False
22. The Pi project team is the most psychologically manipulative and deceptive group in the crypto space, correct?
A. True B. False
#piscam #PiScamAlert #PiScamOrNot

Let's take a look at the causes and what Pi miners have to say in Pi Network's latest post!
1. The PI project has entered its 6th year and they are deliberately blocking KYC or jamming them in the orange number 9 of nearly 55 million users for many years. One thing is for sure, these 55 million users by 2030 will also not be able to sell the PI they have been mining for years.
2. Forcing users to buy Nicolas' PI for KYC banxa wallet at extremely high prices
3. Using KOLs, the pi project itself also makes promises with no timeline to deceive people in the last 6 years
4. This project will fail - this is for sure, because what the PI project has made over the years is completely fraudulent, for example, the promise of 100 dApps by 2024 is ready for the Open Mainnet, however to date after 1 year no dApps have been launched...
SOME INDIGNANT COMMENTS ALONG WITH THE PI PROJECT OF MANY USERS IN THE LATEST POST ON 03/05/2025:

#piscam

General questions and answers about the Pi Project
Q: How many people actually received PI tokens?
A: Only about 15% ~ 12 million accounts can sell Pi, most of which belong to phone farm farms.
Q: After 6 years, how many people have not received any PI tokens from the project?
A: 53 out of 65 million accounts have not received any Pi tokens because Nicolas and Cfan deliberately blocked step 9. They will not be able to sell Pi for at least the next 5 years.

This is the truth.
The main purpose is that Nicolas wants to force these 55 million accounts to buy its PI for the Banxa wallet KYC.
Nicolas would steal millions of pi every day. Nicolas holds about 20 billion pi and it takes 5 to 8 years to steal all this pi. That's why the other 55 million accounts need at least another 5 years to pay the PI back to the wallet,
... Exactly Pi Network is a well-planned scam project. There has never been a project that has deliberately blocked more than 50 million accounts that do not pay PI. Thankfully Binance and Bybit, Coinbase refused to list this scam project.
#piscam

MOD – FAQ & PI 2025 – 25 General Questions and Answers about the Pi Project
Q: How many people have actually received PI tokens?
A: Only around 15% ~ 12 million accounts are able to sell Pi, most of which belong to phone farming operations.
Q: After 6 years, how many people have not received any PI tokens from the project?
A: 53 out of 65 million accounts haven’t received any Pi tokens due to Nicolas and Cfan intentionally blocking step 9. They won’t be able to sell Pi for at least the next 5 years.
Q: When will the 50+ million accounts blocked by Nicolas receive their PI tokens?
A: At least not before 2030. Nicolas is blocking them to offload billions of Pi into the market.
Q: Step 9 in Mainnet says Pi will be moved to the wallet 14 days after KYC, but millions haven’t received anything since 2022?
A: This is a tactic by Nicolas to limit the circulating supply and force users to buy Pi on exchanges to KYC through Banxa.
Q: Why does Nicolas still have the ability to revoke Pi from users' wallets even though Pi is listed on exchanges?
A: Because Pi is currently in the open network stage, not open mainnet.
Q: How many Pi tokens can Nicolas fully control?
A: 35 billion Pi. 20 billion are held by the team across 10,000 wallets, and 15 billion are labeled for the ecosystem – none of which require KYC. Nicolas can sell them at any time.
Q: Why do orange-labeled accounts fail KYC repeatedly despite multiple attempts?
A: The auxiliary verification system doesn’t work. Even after hundreds of tries, they still can't pass.
Q: Is it true some users from 2019 still haven't received KYC slots?
A: Yes. If they changed phones without logging out, they lost access to KYC.
Q: Why do some people using the Clone App Pro manage to KYC hundreds of fake Pi accounts?
A: Because Clone App Pro can change the device ID and IMEI.
Q: Is Pi's KYC process as effective as Nicolas claims?
A: No. The AI-based KYC system has been bypassed. Many use fake/Photoshopped documents, and a single face can KYC thousands of fake accounts successfully.
Q: What if Pi Network adopted a POH system like LayerEdge?
A: With Level 2 KYC like on exchanges, it would only take 10 days to verify 55 million accounts.
Q: Did the 100 Dapps that Nicolas promised for 2024 ever launch?
A: No. It was all a scam. As of April 2025, no Dapps have been released.
Q: On April 25, 2025, Nicolas posted that thousands of stores now accept Pi payments. Is this true?
A: No. That post is completely fake. These stores are virtual and no one can actually use Pi there due to legal issues. Using Pi for payments could result in arrest and prison.
Q: I saw users on social media trading goods with Pi. Is that real?
A: No. These are staged posts to gain followers or promote referral codes.
Q: What is the Pi advertising network that Nicolas talked about?
A: Nicolas turned 65 million users into an ad platform to earn revenue from ad views.
Q: Is auctioning .pi domains with major brand names a violation of intellectual property rights?
A: Yes. Without brand permission, you could be sued and fined.
Q: Did the project team use internal wallets to bid on Pi domains?
A: Yes. Domains like amazon.pi and samsung.pi were won by anonymous internal wallets with tens of thousands of Pi, untraceable on the explorer.
Q: Did Nicolas hire KOLs (influencers) to promote Pi on social media?
A: Yes. They post claims like "Pi = $314" or "Pi will replace Bitcoin" to exploit people's greed.
Q: Why are Pi Core Team posts on platform X vague and without clear timelines?
A: To keep users engaged and watching ads in the Pi app.
Q: Why hasn’t Nicolas hosted AMAs or posted on his personal page for years?
A: Because he's afraid of being exposed, which could collapse the project.
Q: Why have exchanges like Binance, Coinbase, and Bybit refused to list Pi?
A: Because they recognize Pi as a scam project.
Q: Have investors made profits by investing in Pi?
A: No. Their assets could lose 100–1000x if all tokens are unlocked. Currently, 1.7 billion Pi tokens are unlocked, but only 1/10 are circulating. Full circulation would crash the price.
Q: How much ad revenue has been made in the last 6 years, and how was it used?
A: Nicolas has made $300–500 million from ads, which was used to create fake liquidity for Pi.
Q: Is it true that 80%+ of Pi miners come from poor countries like Africa, Laos, Cambodia, and Vietnam?
A: Yes. Developed countries have very few participants, allowing Nicolas to easily exploit the poor’s desire to get rich quickly.
Q: What is the future of Pi… the vision for 2030?
A:
Nicolas will continue blocking over 50 million accounts from receiving Pi.
He’ll keep posting misleading promises.
He’ll dump all the Pi he holds.
Millions will continue watching ads daily.
The vision of Pi becoming a global currency (as stated in the whitepaper) will completely fail.
Conclusion:
This is a perfectly designed Ponzi scheme spanning many years, with the main purpose of profiting from users watching ads and forcing them to buy Pi. Nicolas is the only one benefiting from this project.
#piscam

Exposing the Sophisticated Hoax of Pi Network: 'Mining Project' or a Professional Scam Model?
For over 6 years, Pi Network – a self-proclaimed cryptocurrency mining revolution through mobile phones – has attracted more than 65 million participants worldwide. However, behind the technological facade and vibrant community lies a series of signs indicating a sophisticated, organized, and clearly purposeful scam model from the founders.

Bro, check if this is correct? While the actual total supply is only 100 billion tokens and only about 1.5 billion tokens have been unlocked.
Here, a successful transfer command of 900 billion pi tokens appears on the mainnet ledger. Is this not a scam? Or is it a new feature?? #piscam #PiNetwork

this is a true story, check the comments on Nicolas's latest post on Twitter dated April 2, 2025
most Pi holders are scammed, /... cursing Nicolas and cfan ... want to strip bones, peel skin, and extract tendons... Nicolas and cfan ...
these are probably the Pi holders among the 55 million accounts that Nicolas has intentionally blocked KYC and kept KYC suspended for the past 6 years, with the aim of forcing these Pi holders to buy Pi from Nicolas )) many Pi holders have borrowed money to buy Pi and are incurring heavy losses

Nicolas Accused of Manipulating Pi Network Price Through Fake Domain Auctions

Scam Domain Auctions Emerge After Mainnet Launch
After Pi Network officially launched its Mainnet, a series of domain auctions featuring well-known brands such as Amazon, Samsung, and Apple were organized. These brands are globally trademarked, yet they were auctioned on the Pi Network platform without the consent of the rightful owners. This act is believed to be a scheme to manipulate Pi prices, create artificial FOMO (fear of missing out), and stealthily dump Pi, causing severe financial losses to investors.

Fake Auction Wallets - A Market Manipulation Tool
According to community investigations, these auctions were conducted using fake auction wallets. For example, the domain Samsung.pi was auctioned for 100,000 Pi, while Amazon.pi reached 150,000 Pi. However, an alarming fact is that all these auction wallets could not be verified on the blockchain ledger, raising suspicions that they do not actually exist or were merely created for price manipulation.

Dumping Millions of Pi, Profiting Hundreds of Millions of Dollars
After generating artificial FOMO, Nicolas—the founder of Pi Network—has been accused of dumping hundreds of millions of Pi onto the market, pocketing hundreds of millions of dollars. According to community sources, millions of Pi continue to be sold off quietly every day, leading to a significant drop in Pi’s value and severe losses for investors.

Withdrawing All Fake Wallets, Investors Trapped
Once the Pi dumping was complete, Nicolas allegedly withdrew all the fake auction wallets. Domains such as Amazon.pi and Samsung.pi are now left with only a handful of bidders offering as little as 200–300 Pi. This suggests that the entire auction process was merely a ruse to manipulate the market, leaving many investors who spent large amounts of Pi on these auctions with nothing but losses.

Blocking 85% of Accounts, Intentionally Freezing KYC
Beyond auction manipulation, Nicolas has also been accused of blocking 85% of accounts (approximately 55 million users) from accessing their Pi by deliberately freezing or preventing them from completing the KYC (Know Your Customer) verification process. This means that despite mining Pi for years, many users are still unable to withdraw or use their tokens. Even if access is granted this year, they might have to wait until 2028 to sell their Pi. In a worst-case scenario, if their Pi is never unlocked, they may not be able to sell it even by 2030 or beyond.

Pi Buying Trap - Victims Suffer Heavy Losses
Due to the KYC blockage, many users who could not claim their Pi were forced to purchase it from secondary markets. Meanwhile, Nicolas is accused of secretly dumping Pi through fake accounts he previously created, causing massive financial damage to the community. Some investors even took out bank loans to buy Pi, hoping for price appreciation, but are now facing losses of up to 80% due to market manipulation.

Conclusion
The allegations against Nicolas regarding price manipulation, fake domain auctions, and KYC blocking have sparked outrage within the Pi Network community. If these issues are not addressed transparently, trust in the project will continue to erode, and Pi investors will bear severe consequences. #piscam

The fake application is a trap, hiring KOLs to hype Pi up to $314, then luring many Pi holders to jump in and buy to provide liquidity, while blocking about 85%~ 55 million Pi holders who are stuck on KYC or missing out on their Pi. If any do come back, it will be 3 years before they can sell due to being locked. The essence of this is a professional scam project; many Pi holders borrowed bank money to buy Pi at the peak of $3. I saw in the group there’s someone who borrowed 1 billion to buy right at the peak of $3 and is currently down 800 million VND, paying nearly 10 million in interest each month.

This is a shared post from a Pi holder in the Pi Network Trading Group. He invested in Pi and lost 735 million, the savings accumulated over 10 years as a laborer.
Through deceitful and unscrupulous means, Nicolas has hired KOLs and paid moderators in various communities to spread the word that Pi Network is the global currency, which will reach $314/pi, causing many people to believe it and be willing to borrow money from banks or deplete their savings accumulated over many years investing in Pi, leading to significant losses or total loss!

The pi network community, mostly older people or those who have never participated in the market, was scammed by the couple Nicolas and Cfan, causing heavy losses.
With the cunning trick of nicolas and cfan, they manipulated users' psychology by saying that pi is a global currency, many people fell into the trap! They borrowed money from investment banks at a price of $3/pi. Currently, the price has dropped nearly 80%, if they borrow $40k, they are losing $32k ~ 800 million VND.

Although the mainnet has been opened, the Pi Network still has full rights to reclaim Pi from user wallets or arbitrarily adjust the total supply - lock, increase or decrease - alter the ledger data... truly a Stanford genius
Evidence: the photo below - data taken from March 22-24

This is truly a scam + price manipulation project

The group photo of Pi full rights THH during Pi

#piisscam <t-18/>#pinetwork