Community expert Mr. Spock claims the developers have been offloading tokens to sustain operations, reigniting long-standing concerns about transparency and governance within the project.
According to the expert, the project’s lack of active revenue sources may have forced the team to sell part of its holdings. “I’ve said many times that it’s our Core Team selling Pi because they don’t have any other source of income,” Spock wrote in a recent X post. His statement comes as blockchain data and user reports suggest that over 1.2 million PI tokens were sold in a short span, sparking widespread frustration among Pioneers.
I’ve said many times that it’s our Core Team selling Pi because they don’t have any other source of income. Pi doesn’t have any real utility or anything that generates revenue, so their only option for liquidity is to sell Pi.” @PiCoreTeam 🤦 https://t.co/ZDa4MQAuUr
— Mr Spock 𝛑 (@MrSpockApe) October 23, 2025
Several community members echoed Spock’s claims, noting that only the core team would possess enough tokens to drive such a steep decline. One commentator said:
“No ordinary Pioneer could push Pi from $3 to $0.20 – only the team has that kind of volume.”
These remarks have amplified suspicions that internal selling may be behind the prolonged price slump.
😯 Pi CT selling 1.2M $Pi yesterday. Despite such awful facts, Pioneers keep defending them. $Pi urgently needs more demand, transparency, decentralization and actual on chain products. #pi #pinetwork #picoin #minepi pic.twitter.com/pMRvKgWqZY
— pinetworkmembers (@pinetworkmember) October 22, 2025
A History of Controversy
This is not the first time the Pi Network has faced allegations of financial mismanagement. In 2020, former executive McPhilip accused the organization of misusing roughly $20 million in project funds. Court filings from that period also revealed internal disputes that reportedly undermined Pi’s credibility and growth plans.
While the Pi Network has maintained a strong community presence with millions of registered users, the project has often struggled to transition from hype to real-world utility. Critics argue that despite years of development, Pi still lacks a fully functional mainnet and concrete use cases, leaving its ecosystem dependent on speculation.
Team Defenders Cite Development Costs
Some Pioneers, however, caution against jumping to conclusions. They argue that the alleged token sales could be tied to legitimate project expenses, such as maintaining the testnet or funding protocol upgrades. Pi’s Protocol 23 upgrade, currently in testing, aims to expand on-chain functionality and improve scalability – both critical steps toward eventual mainnet deployment.
Developers have also introduced new components such as a decentralized exchange (DEX) and automated market maker (AMM) to their testnet environment. These tools are expected to make it easier for developers to build and trade new tokens within the Pi ecosystem once it becomes fully operational.
Furthermore, reports indicate the team is experimenting with SPi, a testnet stablecoin pegged to the U.S. dollar and backed by Pi. If successful, SPi could serve as a liquidity anchor for the network, encouraging broader adoption and providing a foundation for decentralized finance (DeFi) applications.
Based on the test, USPI may not be released. But there may be some meaning behind the test. pic.twitter.com/cUgq58syh5
— Pi News (@PiNewsMedia) October 23, 2025
Price Pressure Mounts
Despite these technical advancements, Pi’s token price continues to slide. The cryptocurrency has dropped over 30% in the past month and remains down more than 90% from its peak, according to TradingView data. The persistent downtrend has eroded investor confidence and fueled growing resentment toward the project’s leadership.
Mr. Spock, who has frequently criticized the team’s management, reiterated his belief that Pi has become a “rug pull project.” He warned that many community members remain unaware of how much value has already been lost. His assessment adds to a broader sense of disillusionment among early adopters, some of whom have been waiting years for the project’s official mainnet to go live.
Calls for Transparency
The controversy has reignited calls for greater transparency from the Pi Network team. Community members are urging developers to disclose on-chain records of team-held wallets, publish regular audits, and provide clear timelines for product launches. Many believe that improved governance could restore trust and prevent further erosion of market value.
Others argue that Pi Network’s decentralized vision can only succeed if its leadership adopts the same transparency standards seen in more established blockchain ecosystems. Without such changes, analysts warn that Pi risks losing its credibility entirely, despite its vast user base and social media following.
As the debate continues, the Pi Network finds itself at a crossroads – torn between a community demanding accountability and a development team struggling to fund its roadmap. Whether the project can regain its footing or continue its decline may depend on how it addresses these mounting allegations in the weeks ahead.