Pi Network Under Fire: Scam Allegations Emerge as PI Token Experiences Wild Price Swings
Pi Network, once hailed for its rapid growth with more than 12 million users worldwide, is now facing serious accusations of being a potential scam. crypto investigator Atlas has identified blockchain data revealing a suspicious dump of 12 million PI tokens, which coincided with a sharp price decline.
The token’s value initially surged 113.2% to $1.6704 by May 12, only to crash 40.27% by May 14. Currently trading around $0.7364, Pi has lost 32.3% over the past week. Atlas suggests this pattern resembles a classic ’pump-and-dump’ scheme.
Despite initial excitement following its Mainnet launch, the network’s credibility is now in question. The alignment of large-scale token movements with the price drop raises significant concerns about the project’s integrity.
