The core team of Pi Network has been pointed out for selling 1.2 million Pi Coin for "profit", causing a 30% monthly fall in the coin price!

Mr. Spock, an expert from the Pi Network community, recently accused the core team of Pi Network of being the behind-the-scenes force driving the recent selling pressure on the PI Token, claiming that the team is generating income by selling tokens. Previously, reports indicated that over 1.2 million PI Tokens had been sold, causing the PI price to fall nearly 30% within a month, dropping from $3 to $0.20, a decline of over 90%. Community members believe that only the core team holds enough tokens to trigger such a large-scale collapse. Although the project party continues to advance development work on DEX and stablecoins on the Testnet, the persistent price slump and the history of internal conflicts have cast a shadow over the project's credibility.

PI Price Plummeting Controversy: Core Team Accused of Being the Main Cause for Dumping

Against the backdrop of the PI Token price continuing to be sluggish, falling nearly 30% within a month, community experts have pointed fingers at the project party, questioning their operation sustainability through selling tokens.

· Experts accuse: Crypto expert Mr. Spock explicitly pointed out in his post on the X platform that the core team of Pi Network is the main source of the recent selling pressure on the PI Token. He claims that due to the current lack of functional products or meaningful utility to support financial inflows, developers may be liquidating tokens for revenue.

· The only liquidity option: Spock stated, “I have said multiple times that it is our core team that is selling Pi because they have no other source of income,” which indicates that selling tokens has become the team's only liquidity option.

· The community questioned the large-scale dumping: A “Pioneer” previously marked the dumping event of 1.2 million Tokens and called it a “terrible” event. Another commenter supported Spock's claim, asserting that only the core team holds enough Tokens to trigger the PI price to fall from $3 to $0.20 in such a crash, and the Pioneer does not possess such a holding scale.

Historical Legacy Issues: Internal Conflicts and Funding Usage Disputes

The core team of Pi Network is not facing such accusations for the first time. The history of early internal conflicts and poor funds management has further exacerbated the community's concerns and trust crisis.

· Allegations by former executives: It is noteworthy that the team has faced similar allegations in the past. Former executive McPhilip accused the Pi project party of misusing $20 million in project funds.

· Internal conflicts and damaged credibility: According to court documents from 2020, internal conflicts and management differences have allegedly hindered the long-term growth and public credibility of PI.

· Defense of development costs: Despite ongoing criticism, some pioneers believe that the so-called token sales may be related to reasonable project expenses. For example, the Testnet is currently being used to test the ongoing Pi Network Protocol 23 upgrade. Experts speculate that the demand for additional liquidity may stem from development-related costs.

Continued Price Weakness: Development Efforts Behind Ninety Percent Value Erosion

The price of PI coin has fallen nearly 30% in the past month, with more than 90% of its value evaporated from its peak. The price dilemma stands in stark contrast to the project party's efforts in the ecosystem.

· Long-term price dilemma: The price of PI is in a long-term downward trend, with a decline of nearly 30% within a month, and its market value has dropped by more than 90% from its peak.

· “Rug Pull” warning: Expert Mr. Spock has described Pi Network as a “Rug Pull” project, warning that many pioneers are still unaware of the scale of the losses and the uncertainty of the project direction.

· Efforts in ecosystem development: Despite facing price challenges, the Pi team continues to advance its ecosystem development. For instance, the team has added DEX functionality and AMM in the Testnet, aiming to assist developers in creating new Tokens.

· Potential stablecoin testing: Additionally, reports indicate that SPi, a stablecoin possibly supported by Pi, is currently being tested on the Testnet, suggesting the possibility of issuing a stablecoin pegged to the US dollar.

Conclusion

The core team of Pi Network has been accused of generating income through the selling of tokens, an event that not only exacerbated the downward pressure on the PI token but also severely challenged the community's confidence in the project's transparency and long-term sustainability. Although the project is still technically striving to advance the ecological construction of DEX and stablecoin, the lack of a mainnet launch, lack of practicality, and funding controversies surrounding the core team are the deeper reasons for the prolonged stagnation of the PI price. For millions of “pioneers,” it is far more important to focus on whether the core team can provide a more transparent and sustainable financial model and genuine token utility than the progress of the Testnet.

Disclaimer: This article is for informational purposes only and does not constitute any investment advice. The cryptocurrency market is highly volatile, and investors should make decisions with caution.