Pi Network Hit with $10M Fraud Lawsuit Over Alleged Token Dump and Centralized Control
Pi Network, the cryptocurrency project once praised for its mobile mining approach, is now facing a $10 million fraud lawsuit. Plaintiff Harro Moen alleges unauthorized transfers of 5,137 PI tokens from his wallet and claims the network secretly dumped 2 billion PI tokens—actions he argues were concealed by a delayed Mainnet migration.
The complaint depicts a structure of centralized control despite its decentralized branding, pointing to just three validator nodes operated by the Core team. Market reaction has been swift: PI prices fell 5% as investors retreated from the controversy.
Legal experts note the case depends on proving deliberate deception—a high bar in crypto litigation. Meanwhile, Pi Network's social media channels have remained silent, fueling speculation about the project's future. The altcoin is now trading at risk levels last seen during the 2023 bear market.
