Pi Network (PI)
Summary
Pi Network is a mobile-first Layer 1 cryptocurrency project launched in March 2019 by Stanford-affiliated academics Dr. Nicolas Kokkalis and Dr. Chengdiao Fan. It attracted a reported 60–100 million users by enabling smartphone-based 'mining' through an app, but spent nearly six years in a restricted testnet before launching its Open Network on February 20, 2025. The project carries significant risk flags: a $10 million federal lawsuit filed in October 2025 alleging unauthorized token transfers and secret insider sales, a 2021 alleged KYC data breach affecting ~10,000 Vietnamese users, documented pyramid-scheme warnings from Chinese, Malaysian, and Vietnamese regulators, public labeling as a scam by the Bybit CEO, allegations of undisclosed insider token dumps, and structural centralization contradicting its decentralized blockchain claims.
Timeline(15 events)
2019-03-14
Pi Network app launched by Dr. Nicolas Kokkalis and Dr. Chengdiao Fan. Users begin earning PI through daily app check-ins and referrals.
Stanford Daily2021-03-01
Alleged 17GB KYC data breach surfaces on RaidForum, affecting approximately 10,000 Vietnamese users. Pi Network denies breach originated from its servers and points to third-party Yoti.
Protos / CoinTelegraph2021-12-01
Pi Network enters Enclosed Mainnet phase. On-chain infrastructure goes live but is permissioned, with only Core Team nodes operating as validators.
Pi Network Official Blog2023-07-01
Public Security Bureau of Hengyang City, China, officially categorizes Pi Coin as a scam on its government website. Seven Chinese national associations jointly warn public about Pi Coin as an 'air coin.'
CoinPedia2024-04-10
Plaintiff Harro Moen alleges 5,137 PI tokens were transferred without authorization from his verified wallet to an unknown address (per October 2025 lawsuit filing).
CoinPedia2024-12-03
Pi Network formally transfers corporate ownership from US-based SocialChain Inc. to Pi Community Company, registered in the Cayman Islands.
Pi Bazar2025-02-18
Malaysia's Securities Commission issues a formal warning that Pi Network is operating digital assets without a license and requests suspension of local promotions.
Gate.io Learn2025-02-20
Pi Network's Open Network launches, enabling external exchange connectivity for the first time. PI token lists on OKX, Bitget, MEXC, and HTX, opening at approximately $1.47.
CryptoPotato2025-02-20
Bybit CEO Ben Zhou publicly declares Pi Network a scam on X and announces Bybit will not list PI, citing a 2023 Chinese police warning targeting elderly users.
CoinDesk2025-02-28
PI token reaches all-time high of approximately $2.98–$2.99, then begins sustained decline.
CryptoPotato2025-05-17
PI token drops over 50% from a peak of $1.60 to approximately $0.70. Analyst 'Atlas' alleges wallets linked to the Core Team moved 12 million PI at or near the peak. Pi Network denies insider selling.
CoinPedia2025-07-01
Social engineering scam begins systematically draining PI from user wallets via the payment request feature. Community reports one address receiving 700,000–800,000 PI monthly.
Yahoo Finance / crypto.news2025-10-24
Arizona investor Harro Moen files $10 million lawsuit in US District Court for the Northern District of California against SocialChain Inc., Pi Community Company, Kokkalis, and Fan, alleging token fraud and unauthorized transfers.
CoinPedia2025-12-31
Pi Network suspends the 'send payment request' wallet feature following cumulative losses exceeding 4.4 million PI tokens to social engineering scammers.
Yahoo Finance2026-05-15
Protocol 23 node upgrade deadline for all mainnet nodes, aimed at enabling smart contract functionality. Project reports 421,000 active mainnet nodes.
CoinMarketCap / CMC AImodel: claude-sonnet-4-6
generated: 5/13/2026, 3:31:47 AM
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