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BTCC / BTCC Square / Global Cryptocurrency /
Pi Network Faces $10M Fraud Lawsuit, Analysts Dismiss Claims as Flawed

Pi Network Faces $10M Fraud Lawsuit, Analysts Dismiss Claims as Flawed

Author:
Global Cryptocurrency
Published:
2025-12-11 13:06:13
11
1
[TRADE_PLUGIN]PIUSDT,PIUSDT[/TRADE_PLUGIN]
PI News -

A U.S. investor has filed a $10 million lawsuit against Pi Network's parent company, SocialChain Inc., alleging fraudulent activities related to the PI token. The plaintiff, Harro Moen of Arizona, claims $2 million in losses due to unauthorized token transfers and delayed mainnet migration. The case, filed in the Northern District of California, also names Pi Community Company and network leaders as defendants.

Market analysts have quickly criticized the lawsuit as fundamentally flawed. Dr. Altcoin, a prominent crypto researcher, dismissed the plaintiff's claim that PI's price dropped from $307.49 to $1.67, noting the token has never traded above $3 on legitimate exchanges. The $307.49 figure likely refers to unauthorized IOU trading, which is unrelated to Pi Network's official operations.

The lawsuit centers on two key allegations: an unauthorized transfer of 5,137 PI tokens from Moen's wallet in April 2023, and the Pi Core Team's failure to migrate his remaining 1,403 tokens. Legal experts suggest the case faces significant challenges, as it appears to conflate third-party trading activity with the network's official operations.

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