- Crypto analyst Atlas has accused Pi Network of executing 2025’s biggest scam after a 12 million-token dump halved the token’s price.
- The crash followed a hyped announcement that failed to meet expectations, fueling accusations of insider manipulation and sparking widespread community backlash.
Pi Coin has once again faced criticism from the crypto wolrd. This time, renowned crypto analyst, Atlas, has ignited a firestorm of controversy after labeling Pi Network as 2025’s biggest scam.
This harsh attarances have rooted from a massive token dump that slashed the token’s value by almost 50% within hours. This dramatic drop followed a majestic surge towards the $1.60 mark.
It goes without saying that this surge was majorly fueled by rumors that spread news desks of a major announcement and a potential Binance listing.
However, as speculation turned to disappointment, the token’s meteoric rise quickly unraveled, triggering accusations of insider manipulation and a textbook rug pull.
Atlas, an on-chain researcher and outspoken critic of Pi Network, took to X on May 19 to reiterate warnings he has voiced since February. He pointed to a wallet—identified as GABT7EMP—allegedly linked to the Pi Network core team, which transferred 12 million tokens at the height of the price rally.
According to Atlas, data from Piscan shows the outflows began just as Pi hit its local top, suggesting a coordinated insider dump during peak liquidity.
“The wallet in question is allegedly connected to Pi Core operations,” Atlas said. “Millions of Pi flowed out just as the price peaked. To many, this looks like a textbook insider exit.”
The crash followed the highly anticipated May 14 announcement, which turned out to be the launch of a $100 million investment fund—far short of the market’s lofty expectations. Disappointed investors saw Pi plummet more than 25% within 24 hours of the announcement. At the time of writing, the token is trading at just $0.74, down 33% from its May 12 high.
Supporters of the project were quick to voice their frustration. One user criticized the team for hyping a single announcement, warning that building unrealistic expectations could seriously damage community trust. Others went further, accusing the core team of engineering the rally to facilitate an exit at elevated prices.
Although the Pi Network team has yet to issue an official statement, a pro-Pi Network account, Times of Pi Network, attempted to address the concerns. The post explained that the Pi Core Team manages multiple wallets for ecosystem development, liquidity provisioning, operational costs, and community incentives. However, this explanation has done little to quell skepticism among critics.
Atlas also dismissed suggestions that the token movement was part of a testnet-to-mainnet migration, arguing that such a significant transfer should have been clearly communicated to avoid the appearance of a pump-and-dump scheme.
With Pi Network now under growing scrutiny, the controversy could mark a turning point for the project. Unless the team provides greater transparency, suspicions of manipulation may continue to shadow what was once one of the most anticipated launches in the crypto space.
At the time of press, Pi Coin is swapping hands with $0.8014 after a 10.33% surge in the past 24 hours.