Summary
- 12 million PI tokens allegedly dumped by insiders, leading to a 50% price drop.
- $8 billion in value reportedly offloaded by wallets linked to the Pi Core Team.
- 5.7 million PI tokens unlocked, increasing exchange-held supply to 397 million.
- Only 7 wallets are traceable, raising concerns over centralization and transparency.
- Community demands an independent audit and greater accountability from the Pi Core Team.
Insider Dump Allegations Shake Pi Network
Pi Network (PI) is under intense scrutiny following allegations of a massive insider dump. Crypto investigator Atlas claims that over 12 million PI tokens, valued at approximately $8 billion, were offloaded by wallets allegedly controlled by the Pi Core Team. This event coincided with a sharp 50% decline in PI's price, leading to widespread panic among investors.
The timing of the dump raises suspicions of a coordinated pump-and-dump scheme, with Atlas providing blockchain data to support these claims. The Pi Core Team has yet to respond to these serious allegations.
Token Unlocks and Centralization Concerns
Adding to the turmoil, a recent unlock of 5.7 million PI tokens has increased the total PI held on exchanges to a record 397 million. This surge in supply has intensified selling pressure, further impacting PI's market value.
Moreover, transparency issues have come to the forefront, with reports indicating that only 7 wallets are traceable, while the Pi Core Team allegedly controls over 10,000 wallets. This level of centralization has sparked debates about the network's commitment to decentralization.
Community Demands Accountability
The Pi Network community is calling for immediate action, including:
- An independent audit of token distributions and wallet ownership.
- Transparent communication from the Pi Core Team regarding recent events.
- Implementation of measures to prevent future unauthorized token dumps.
Investors are urged to exercise caution and stay informed as the situation develops.
Disclaimer
This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry risks. Always conduct your own research or consult a financial advisor before making investment decisions.