Pi coin big dump 30% hits a historic low! Former executives of Pi Network accuse the founder of "internal strife and misuse of funds," leading to a collapse of community trust.

The Pi Network, which has swept the globe with "mobile Mining," has recently sparked controversy again due to accusations from former executive McPhilip against the founder regarding internal strife and fund misuse. The workplace environment has deteriorated, project delays and a big dump in coin price have led Pi Network to face a serious Crisis of Confidence within its community. (Background: Did the Whale stop playing? The Pi coin once plummeted 35% to a long wick candle of $0.4, creating a new low since Pi Network's launch.) (Supplementary background: Pi coin's long wick candle of $0.32 created a historical new low, and Pi Network's Lock-up Position policy has ignited community anger.) Known for "mobile Mining," the crypto assets platform Pi Network has attracted tens of millions of users with the concept of "everyone can participate." However, recently, accusations from a former Pi executive against the Pi founders have once again put Pi in the spotlight of public opinion. According to X user @MrSpockApe, former executive McPhilip publicly accused Pi Network co-founder Nicolas Kokkalis and his wife Chengdiao Fan (another founder) in court documents, claiming that marital disputes have led to a toxic workplace environment, severely hindering the progress of Pi's project, and allegedly misappropriating the $20 million raised in 2019-2020 for personal lavish parties. This revelation not only exposes the internal power struggle within Pi but also rapidly escalates community dissatisfaction with Pi Network's transparency and governance capabilities. Pi Network Under Fire: Allegations of Greed, Toxic Leadership, and a Silent Core Team The Pi Network, a project long promoted as a community-driven blockchain revolution, now faces serious scrutiny following explosive allegations from a former executive. McPhilip, a former… pic.twitter.com/nTUXJPXuyo — Mr Spock 𝛑 (@MrSpockApe) September 28, 2025 Details of McPhilip's accusations: Founder marital conflicts and financial suspicions McPhilip disclosed in court documents that the personal marital issues of Kokkalis and Fan severely impacted the operations of Pi Network: First, the toxic workplace environment: The disputes between the founder couple, including verbal attacks and physical conflicts, permeated the workplace, causing the executive team to be exhausted from mediating the couple's personal grievances and unable to focus on project development. McPhilip stated that he had spent a lot of time dealing with the conflicts between the founders, leading to severe delays in Pi Network's technology and communication progress. Secondly, fund misuse: In 2019-2020, Pi Network raised $20 million through a Simple Agreement for Future Equity (SAFE), but McPhilip accused that part of the funds was misappropriated by the founders for private purposes, such as hosting luxurious yacht parties, instead of being used for project development or ecosystem building. Lastly, equity disputes and revenge: The founders attempted to issue new shares at an extremely low price of $0.00005 per share, diluting McPhilip's equity. When he temporarily left in April 2020 to deal with internal issues, the core team quickly locked down his servers, financial accounts, and operational tools, cutting off his access to the project as a form of revenge. The Crisis of Confidence within the Pi Network community further deteriorates. McPhilip's accusations quickly spread within the community, leading many users to lament, "This explains why Pi Network always appears mysterious and delays!" At the same time, as McPhilip's revelations continue to ferment, the community's trust crisis regarding Pi Network has further worsened. Currently, tens of millions of Pioneers' dissatisfaction with the project mainly focuses on two major pain points: First, the Mainnet delay and ecosystem stagnation: Although Pi Network initiated Mainnet testing in February 2025, it has yet to officially launch and is only in the "closed Mainnet" stage. The ecosystem development has also stagnated, with very few dApps (Decentralized Applications) and slow merchant adoption. Many users have complained on Reddit, "It has been six years, the Mainnet is still in testing, and the Pi ecosystem really feels like a shell!" X user @MrSpockApe also commented: The Pi core team received $20 million in funding in 2019. They could have built a complete ecosystem with 100 applications back in 2020 with all that funding, yet they hid it from us and investors. Therefore, we always thought the Pi core team was paying out of their own… — Mr Spock 𝛑 $20 @MrSpockApe( September 28, 2025 The second pain point is the controversy surrounding Global Consensus Value (GCV): The "Global Consensus Value" (GCV, 1 Pi = $314,159) touted by Pi Network has been criticized by the community as a "castle in the air." Since the current price of Pi coin is far from the target price of GCV, many users question whether GCV is just a "psychological eyewash" manipulated by the Pi core team and a few KOLs to prevent community dumping. Some users stated on X, "GCV is a scam! The market price is only a few cents, and $314,159 is purely a cult-like fantasy!" Pi coin price plummets, creating a historical new low. After Pi coin was officially listed on some exchanges this February, the short-term Pi...

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GateUser-3557a58cvip
· 14h ago
Trash editor, bringing up old issues and making a big deal out of nothing! With ill intentions, they want to play people for suckers at a low price.
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GateUser-7cadc60bvip
· 19h ago
How can a platform like this be released, it's harmful. Forget about the project for now, but you shouldn't comment on others' private matters behind their backs, especially family matters. You really don't deserve to be a human being.
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GateUser-ac00de1fvip
· 10-01 10:41
Typical capital manipulation techniques in the stock market! How shameless! Damn these petty ancestors!
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Picoinvip
· 10-01 06:38
Those two were doing well, are you blind or what?
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Jixuan67868vip
· 09-30 13:50
What is this nonsense? Why bring up something from hundreds of years ago? Did Dabao tell you this?
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BeautifulGingervip
· 09-30 13:21
It's been a few years since it happened, but I'm talking about it now.
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