The Pi Network is facing new pressure after serious claims from former executive McPhilip. He says he was unfairly removed from the project and that company funds were not well-managed. At the same time, the Pi coin has fallen sharply, further shaking community members’ confidence.
Pi Network Battles Allegations and Internal Disputes
Court documents dating as far back as 2020 show that there have been long‑standing conflicts between co‑founders Dr. Nicolas Kokkalis and Chengdiao Fan. These disputes are said to have created a tense and toxic workplace.
McPhilip claimed the co‑founders tried to reduce his ownership by issuing new shares at very low prices. This move came despite earlier fundraising that had valued the company at $20 million. He also said that after disagreements grew worse, his access to company servers, accounts, and tools was cut off.
The Core team’s lack of open communication has only added to frustration in the community. Many now doubt whether the leadership can deliver a strong ecosystem. This skepticism comes despite the team’s efforts to restore confidence in the platform by pivoting towards gaming.
Pi Community Questions Leadership as Progress Stalls and Trust Declines
Members of the Pi community have expressed disappointment at the team’s failure to build a working Pi ecosystem. Users say that Pi coin currently has little real‑world use, leaving many unsure of its value. Supporters pointed out that the project raised money in 2019 and should have been able to launch a full ecosystem by 2020.
Instead, leadership struggles and disputes slowed progress. The Core team recently launched a Fast Track KYC (Know Your Customer) feature to speed up user verification. Still, they have faced sharp criticism for staying silent on when the mainnet will fully launch.
Even though there have been technical updates, such as the rollout of Protocol v23 on the testnet, poor communication has damaged trust.
Many community members are unhappy with the project’s Global Consensus Value (GCV), which sets Pi coin at $314,159. This figure is far above the actual market price of $0.26, making people question the project’s transparency and direction.
Pi Coin Slips as Investors Await Key Update at TOKEN2049
Pi coin’s market performance has reflected these concerns. Once ranked among the top 15 cryptocurrencies after gaining massive traction, the coin has seen heavy sell‑offs. It now trades at $0.25 and has slipped out of the top 50 list.
Rumors of a potential Binance listing have not been enough to restore confidence. This is especially true with the ongoing delays in the mainnet launch and doubts over Pi’s utility.
Looking ahead, co‑founder Chengdiao Fan is set to speak at the TOKEN2049 event on October 1–2. Investors and the Pi community are closely watching the upcoming appearance. Many hope it will bring clarity on leadership issues, financial management, and the project’s long‑term plans.