Pi Coin Plummets Amid Allegations of $20M Misuse by Pi Network

The Pi Network leadership is facing mounting pressure as its native cryptocurrency, Pi coin, slips out of the top 50 crypto rankings. Following a 22 percent decline in value over the past week, Pi coin is now trading near the $0.25 mark. This downturn has sparked renewed criticism of the Pi Core Team, particularly regarding delays in the mainnet launch and the alleged misuse of $20 million in funding.

Allegations of Financial Mismanagement Surface

Former Pi Network executive McPhilip has come forward with serious accusations against co-founders Dr. Nicolas Kokkalis and Chengdiao Fan. He claims he was unjustly removed from the project and that company funds were misused. Legal documents from 2020 reveal internal conflicts and a reportedly toxic work environment. McPhilip also alleges that his ownership stake was diluted through the issuance of new shares priced at $0.00005, despite the company’s earlier valuation of $20 million. His access to servers and financial systems was reportedly revoked during these disputes.

Community Questions Utility and Transparency

The Pi community has grown increasingly vocal about the lack of progress in building a functional ecosystem. Many users feel the coin has no real utility, and frustration is mounting over the Core Team’s silence. Prominent community member Mr. Spock criticized the team for failing to deliver on promises despite having substantial funding. He pointed out that the team could have developed a robust ecosystem with hundreds of applications but instead allowed internal conflicts to derail progress.

Price Decline and Trust Erosion

Pi coin’s recent price drop has further shaken investor confidence. Once ranked among the top 15 cryptocurrencies, it now struggles to maintain relevance. The persistent delay in launching the mainnet and the lack of a clear roadmap have triggered widespread sell-offs. Additionally, the team’s insistence on maintaining the Global Consensus Value of $314,159 per coin, despite the actual market price hovering around $0.26, has added to the confusion and mistrust.

Frequently Asked Questions (FAQs)

• What caused Pi coin’s recent price drop?

The decline is attributed to delays in the mainnet launch, leadership disputes, and lack of utility.

• Is Pi Network still planning a Binance listing?

There are ongoing rumors, but no official confirmation has been provided.

• Why is the Global Consensus Value so high?

The GCV is a theoretical benchmark set by the team, but it does not reflect actual market conditions.