Investigative insights by account 'Atlas' revealed a complex web of hype, centralized control, and insider trading within Pi Network.
Pi Network attracted millions with the promise of free tokens through smartphone mining, but delays and vague promises raised concerns.
After Pi Network's price surge and mainnet launch, a $100 million VC fund announcement coincided with a significant price collapse, raising suspicions of insider trading.
The Pi Core Team's alleged 12 million Pi token dump at the price peak, along with ongoing governance issues, has fueled questions about Pi Network's legitimacy as a blockchain project.