A viral post by crypto investigator Atlas has triggered serious allegations against Pi Network, claiming a potential $8 billion insider scam—possibly the biggest rug pull of 2025.
12M PI Tokens Dumped — Pi Coin Price Crashes Over 50%
Atlas, known for past blockchain investigations, shared blockchain data showing that over 12 million PI tokens were allegedly dumped by a wallet linked to the PI Core Team.
- May 1, 2025: PI price was $0.6135
- May 12: It surged to $1.6704 (113.20% growth)
- May 14 onwards: Price dropped by 40.27%
- Current (May 20): Trading around $0.7364 — down 32.3% in the last 7 days
Atlas claims this dump aligns exactly with the price crash, indicating what he calls a clear insider “pump and dump” strategy.
Pi Network: Boom or Bust?
Launched as a mobile-first mining platform, Pi Network gained rapid traction, boasting over 60 million users globally. The project finally launched its Mainnet in early 2025, triggering a price surge of over 2,737% in the first week.
However, critics point to a lack of transparency, no working dApps, and closed-source code as major red flags.
Atlas highlights the following concerns:
- Low number of active wallets despite 60M users
- No real adoption or utility
- Heavy reliance on a multi-level referral system
- Absence of communication around the 12M token movement
“Stop watching announcements. Watch the wallets.” — Atlas
In response, PI supporters argue the movement of tokens is a routine testnet-to-mainnet migration, not a sell-off.
But Atlas dismisses this defense, calling out the timing, wallet linkages, and lack of public explanation. He believes the project is orchestrating the “biggest slow rug” of 2025.
What’s Next for PI Network?
With the price down and allegations mounting, all eyes are now on the PI Core Team for clarity. Atlas has urged users to track blockchain activity, not marketing messages, and demands transparency on the 12 million PI token transfer.
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