Pi Network (PI)
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 14 → 26. Problems weighed by who is responsible: the subject's own conduct −55, concerns that are not fraud −21.2, incidents the subject suffered −6, problems around the subject, caused by others −1.1; legitimacy credit long-running +10; no established finding that it defrauded anyone, so it stays out of the red band; fact-check adjustments (−8) now shown as page reliability, not in the score. Version history →
Why this score
| Every page starts at | 65 |
| The subject's own conduct | -55 |
| Concerns that are not fraud | -21.2 |
| Incidents it suffered (e.g. hacks) | -6 |
| Problems around it, caused by others | -1.1 |
| Long-running | +10 |
| Sum | -8 |
- No established finding that it defrauded anyone, so it stays out of the red band (26 or above).
Score: 26/100 (kept between 0 and 100)
How scoring works →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.
Connected Entities
6 entities · 60 linked investigations- Litecoin→mentioned with→Bitcoin(70%)
- Litecoin→mentioned with→Coinbase(65%)
- Pi Network (PI)→mentioned with→Bitget(65%)
- Pi Network (PI)→mentioned with→Coinbase(65%)
- Pi Network (PI)→mentioned with→Litecoin(60%)
- Pi Network (PI)→mentioned with→Binance(60%)
- Pi Network (PI)→mentioned with→Bitcoin(65%)
- Coinbase→mentioned with→Bitcoin(65%)
- Bitget→mentioned with→Bitcoin(60%)
Timeline(15 events)
14 March 2019
Pi Network app launched by Dr. Nicolas Kokkalis and Dr. Chengdiao Fan. Users begin earning PI through daily app check-ins and referrals.
Stanford DailyMarch 2021
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 / CoinTelegraphDecember 2021
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 BlogJuly 2023
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.'
CoinPedia10 April 2024
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).
CoinPedia3 December 2024
Pi Network formally transfers corporate ownership from US-based SocialChain Inc. to Pi Community Company, registered in the Cayman Islands.
Pi Bazar18 February 2025
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 Learn20 February 2025
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.
CryptoPotato20 February 2025
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.
CoinDesk28 February 2025
PI token reaches all-time high of approximately $2.98–$2.99, then begins sustained decline.
CryptoPotato17 May 2025
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.
CoinPediaJuly 2025
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.news24 October 2025
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.
CoinPedia31 December 2025
Pi Network suspends the 'send payment request' wallet feature following cumulative losses exceeding 4.4 million PI tokens to social engineering scammers.
Yahoo Finance15 May 2026
Protocol 23 node upgrade deadline for all mainnet nodes, aimed at enabling smart contract functionality. Project reports 421,000 active mainnet nodes.
CoinMarketCap / CMC AIDecision Log
- slot 455362761 · hash BJ9QYJBVP7fz5ZbaCGS5EmcVok2AqCWgmfp39189LmKj
- slot 454776631 · hash 8hujgE7HPYRYj8Kc2mvtpzcNmDixrNqJSkirBaTAfJ6a
- slot 419628747 · hash EUrdqjvqWo2uTKdQbvnKZyDSDPrikdDuhBvFUVWSDUwP
- slot 419504029 · hash 7pMmTyFhT24nMP7BYaAQTpnikFcd3ZmTucNifZbz7LgM
- slot 419504025 · hash 7t2L3oQjrgY2AdtUmrPWKybmJc77jz2Fqh7aacX1p8Sz
This investigation is cryptographically anchored to the Solana blockchain (5 decisions). 20 of 25 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/13/2026, 3:31:47 AM
last updated: 10/10/2026, 6:42:54 PM
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