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BTCC / BTCC Square / Global Cryptocurrency /
Pi Network Faces $10M Lawsuit Over Alleged Unauthorized Token Transfers and Centralized Control

Pi Network Faces $10M Lawsuit Over Alleged Unauthorized Token Transfers and Centralized Control

Author:
Global Cryptocurrency
Published:
2025-12-08 06:34:54
12
3
[TRADE_PLUGIN]PIUSDT,PIUSDT[/TRADE_PLUGIN]
PI News -

An Arizona investor, Harro Moen, has initiated a $10 million lawsuit against Pi Network's parent company, SocialChain Inc., in California federal court. The complaint alleges that 5,137 PI tokens were transferred without authorization from his wallet in April 2024. The claimed losses, valued at the token's 2022 peak prices, are linked to the delayed mainnet migration of his remaining 1,403 tokens.

The lawsuit further accuses PI Network executives of secretly selling 2 billion tokens while maintaining centralized control through validator nodes. These alleged actions are cited as contributing to PI's significant devaluation, dropping from a pre-mainnet IOU price of $307.49 to approximately $1.67, impacting users globally.

The legal filing underscores ongoing concerns regarding Pi Network's opaque tokenomics and centralized governance—a direct contradiction to its promoted decentralized vision. This case surfaces as regulatory scrutiny intensifies around altcoin projects with questionable distribution models.

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