Pi Network Under Fire: Analyst Claims Core Team Is Dumping Tokens
According to a recent X post by cryptocurrency analyst Mr. Spock, the Pi Network core team is most likely the cause of the recent selling pressure. He suggested that the project’s developers might be selling tokens to make money in his post. Pi does not yet have any useful products or significant utility to support financial inflows, he continued.
I’ve said many times that it’s our Core Team selling Pi because they don’t have any other source of income,
Spock
This occurred after a Pioneer reported that 1.2 million tokens were being sold. The incident was deemed awful, and they recommended that the project prioritize decentralization, on-chain transparency, and practical applications.
Internal Rifts and Misused Funds: Pi Network Under Fire Again
These assertions were backed up by more community representatives. According to one commenter, the core team alone has enough PI volume to push the price of the token down from $3 to $0.20. No Pioneer has the holdings necessary to create such a crash, they added. Interestingly, the squad has previously been accused of similar things. McPhilip, a former executive, charged that the Pi team had misused $20 million in project funds. Internal disputes and managerial rifts are said to have impeded Pi’s long-term growth and public credibility, according to court records dated 2020.
Is Pi Network a Scam or Legit? Expert Warns, Community Offers Defense
Spock previously referred to Pi Network as a rug pull project. He cautioned that a lot of Pioneers are still ignorant about the extent of the losses and the project’s unclear future. However, some Pioneers contend that the purported token sales may be connected to valid project expenses in spite of the criticism. For example, the ongoing Pi Network Protocol 23 upgrade is being tested on the testnet. Experts speculate that development-related costs could be the cause of the demand for more liquidity.
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