- Atlas claims Pi Network could be behind the largest rug pull of 2025 after a 12M token dump halved its value.
- Despite promises of rewards, Pi Network’s years of delays and lack of dApps have raised questions about its real utility.
- Concerns over privacy leaks and insider selling push experts to label Pi Network as a potential pump-and-dump scheme.
According to Atlas, an investigator in the crypto sphere, Pi Network could be involved in the biggest rug pull of 2025. The dumping of 12 million Pi tokens in just several hours caused a rapid decline in its value by half. Due to the widespread selling, investors and experts are now suspecting some kind of widespread fraud.
A lot of people downloaded the Pi Network because they expected to make free tokens and gain rewards in the future. After experiencing delays for years, the blockchain launched its mainnet in early 2025. The token price jumped to $1.60 as many people speculated about its success. The increase in value didn’t last long.
Pi Network’s Troubling Past
There has been controversy surrounding the project from its very beginning. In 2021, Vietnamese user data worth 17GB was leaked, worrying many about their privacy. In addition, authorities from the region claimed that Pi had collected private data during the process called “free mining.” These concerns were disregarded in the past, though now we are seeing them again.
Although it states that there are 60 million users, the number of people with Pi in their wallets is reportedly much lower. The platform uses a multi-layer system of referrals rather than adopting actual technology. Pi is still not offering any practical dApps, open-source code, or noticeable transparency, even after years of building the company.
Pi Network’s Price Crash
In May 2025, the price of Pi tokens went up to $1.60, but very soon, it dropped by more than half. After attending Consensus 2025 and pledging exciting changes, Pi Network representatives launched a $100M venture capital fund instead of making the expected updates. While people without special access were patiently watching, those inside were already withdrawing their fortunes.
Dr. Picoin, a prominent member of the community, found that 12 million Pi were moved from an address believed to belong to the Pi Core Team. Dr. Picoin explained that individuals connected with Bybit deliberately raised the token’s price to sell their BTY tokens to ordinary investors. The data from the blockchain demonstrates that large sums of money were sent out of the wallet just before the crash.
Editor’s Note – On-chain data showed a movement of approximately 12 million Pi tokens from the Pi Network’s main migration wallet. This is an event that coincided with a notable price drop. But the Pi Core Team has clarified that these transfers were not part of any token sale or “dump.” According to the team, the tokens were distributed to users (Pioneers) as part of the mainnet migration process and reflect previously mined rewards. They claim that these are not insider transactions. The Core Team has also stated that all transfers above 1 Pi from the wallet in question are part of routine migration distributions, while 1 Pi transfers are for wallet creation purposes.
Those supporting Pi argue that it migrated from a testnet to a mainnet. The problem is that events are happening too quickly and without proper notice. Many experts, such as Atlas, believe that this is what a pump-and-dump scheme looks like.
Many are still concerned because Pi Network is not decentralized, transparent, or lacks real-life uses. If it turns out that there was an insider selloff, it could qualify as a huge slow rug pull this year. Faith in the project has broken down, and many are now doubting its honesty.
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