TL;DR
- A community expert alleges that token sales by the team are the cause of the price collapse.
- On-chain data suggests a sale of over 1.2 million PI tokens in a short period.
- The community demands greater transparency and audits from the Pi team amid the project’s lack of revenue.
The Pi Network community faces a new crisis of confidence following the dramatic drop in the PI token’s price. “Mr. Spock,” a community expert, has reignited concerns about the project’s transparency, alleging that the Pi Network team is selling its own tokens and is the main cause of the collapse.
According to Spock, the lack of active revenue sources has forced the team to liquidate part of its holdings to sustain operations. “I have said many times that it is our Core Team selling Pi because they have no other source of income,” Spock stated in a recent post.
This statement coincides with on-chain data reports suggesting the sale of over 1.2 million PI tokens in a short span, which has caused widespread frustration among “Pioneers.”
Several community members supported this theory, noting that only the core team would possess enough volume to cause such a drastic fall, with one commentator stating that “no ordinary Pioneer could push Pi from $3 to $0.20.” The token has fallen over 30% in the last month and has accumulated a loss of over 90% from its peak.
Old Controversies and Development Costs
This controversy is not new. In 2020, the organization already faced accusations of financial mismanagement for the alleged misuse of $20 million. Despite its huge user base, critics argue that Pi Network still lacks a functional mainnet and concrete use cases, leaving its value dependent on speculation.
However, some project defenders urge caution. They argue that the alleged token sale could be linked to legitimate project expenses, such as testnet maintenance or funding for critical updates, like Protocol 23.
The debate has reignited calls for greater transparency from the Pi Network team that is selling or managing its assets. Community members demand on-chain records of the team’s wallets, regular audits, and clear timelines to restore trust. Without these changes, and with experts like Mr. Spock calling the project a “rug pull,” Pi Network risks losing all its credibility.
