Pi Network's Centralized Control and Rug Pull Accusations Fuel $18B Freefall
The price of Pi Network has plummeted more than 90% from its February 2025 peak of $2.98 to approximately $0.26 as of October 2025, erasing over $18 billion in market value within six months[1]. This sharp decline has reignited accusations of a "rug pull," with critics arguing the project has prioritized retaining user engagement over delivering tangible value to miners and investors[2]. The collapse has left many long-time participants disillusioned, particularly as the Pi Core Team holds an estimated 90 billion tokens, fueling speculation about centralized control and insider selling[3].
Community frustration has intensified as liquidity constraints prevent users from realizing gains at official price projections. Over 14 million users have completed KYC verification, but doubts persist about data privacy and the accuracy of user numbers[1]. Analysts like Mr. Spock, a prominent critic, have labeled the crash a "rug pull," noting that insiders appear to benefit disproportionately while miners face stagnant returns[4]. The project's reliance on a fixed "Global Consensus Value" (GCV) of $314,159 per token-widely dismissed as unrealistic-has further eroded trust[5].
Transparency issues have compounded concerns. The Pi team has altered token release rules, raising fears of delayed supply expansion to maintain user participation[1]. Blockchain data reveals large-scale token movements, including 102.7 million Pi tokens withdrawn from OKX in three days in May 2025, with critics linking these transactions to insider activity[6]. Additionally, 1.4 million tokens from an inactive wallet were sold on Gate.io, deepening suspicions of preferential treatment[7]. The project's lack of exchange listings on major platforms like Binance and Coinbase has also limited market access[2].
Institutional adoption remains elusive. Despite claims of 60 million users, only 14 million have migrated to the mainnet, and Pi's ecosystem lacks functional dApps or widespread real-world utility[8]. Critics highlight the absence of smart contract support and regulatory compliance as barriers to credibility. A recent $100 million venture fund announcement has failed to address these gaps, with many viewing it as an attempt to mask structural weaknesses.
The project's future appears uncertain without significant reforms. While Pi has introduced testnet upgrades and decentralized exchange tools, these developments have not translated into price stability[1]. Technical analysts warn that further token unlocks-projected to add 1.4 billion coins to circulation in the next year-could exacerbate downward pressure[7]. Meanwhile, the departure of a major whale holding 383 million tokens has removed critical price support[2].
Experts emphasize that Pi's survival hinges on restoring transparency, securing institutional partnerships, and delivering functional infrastructure. However, the project's centralized governance and unresolved governance disputes, including alleged mismanagement of funds by former executives, continue to undermine confidence[3]. Without meaningful progress, Pi risks being relegated to a niche experiment rather than a viable cryptocurrency.
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