Crypto investigator Atlas alleges Pi Network insiders dumped 12M PI tokens in a pump-and-dump, crashing price over 50%.

A viral post by crypto investigator Atlas has triggered serious allegations against Pi Network, claiming a potential $800 million insider scam.

Crypto investigator Atlas has made serious allegations against Pi Network, claiming a potential $8 billion insider scam—possibly the biggest rug pull of 2025.

According to a viral post by the investigator, a wallet linked to the PI Core Team dumped over 12 million PI tokens.

This dump aligns exactly with the price crash, indicating what Atlas calls a clear insider “pump and dump” strategy.

12M PI Tokens Dumped — Pi Coin Price Crashes Over 50%

Known for past blockchain investigations, Atlas shared blockchain data showing that over 12 million PI tokens were allegedly dumped by a wallet linked to the PI Core Team.

This activity, observed on PiScan, aligns precisely with the period when PI's price crashed over 50% in a short span.

“[If you're seeing this post on Friday, December 20th around 3:30 AM PST, then it's no coincidence that the largest PI wallet is juggling 12M PI, and the price has crashed over 50% in the past 24 hours. Named in the snapshot is the official PI Core Team wallet (involved in past airdrops). This is a pump and dump.

This is the potential beginning of the biggest rug pull of 2025. Don't miss out on the follow-up post where we'll be covering the potential $8B scam.” — Atlas

Pi Network: Boom or Bust?

Launched as a mobile-first mining platform, Pi Network gained rapid traction, boasting over 60 million users globally. The project finally launched its Mainnet in early 2025, spurring a surge of over 2,737% in the first week.

However, critics highlight a lack of transparency, no working dApps, and closed-source code as major red flags.

Atlas further highlights the following concerns:

"Stop watching announcements. Watch the wallets." — Atlas

PI Community Reacts: Testnet Migration or Insider Dump?

In response, PI supporters argue the movement of tokens is a routine testnet-to-mainnet migration, not a sell-off.

But Atlas dismisses this defense, calling out the timing, wallet linkages, and lack of public explanation. He believes the project is orchestrating the “biggest slow rug” of 2025.

"This is the potential beginning of the biggest slow rug of 2025. கூட்டுச்ச்சரிவரை, it's the rug pull to beat all rug pulls.

Stay tuned for the follow-up post where we'll be covering the potential $8B scam."

What’s Next for PI Network?

With the price down and allegations mounting, all eyes are now on the PI Core Team for an official response.

Atlas has urged users to track blockchain activity, not marketing messages, and demands transparency on the 12 million PI token transfer.

"If you're reading this post on Friday, December 20th around 3:30 AM PST, then it's no coincidence that the largest PI wallet is juggling 12M PI, and the price has crashed over 50% in the past 24 hours.

Named in the snapshot is the official PI Core Team wallet (involved in past airdrops). This is a pump and dump.

This is the potential beginning of the biggest rug pull of 2025. கூட்டுச்ச்சரிவரை, it's the rug pull to beat all rug pulls.

Stay tuned for the follow-up post where we'll be covering the potential $8B scam."

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Allegations of a “rug pull” and insider scam are circulating due to a 12M PI token dump, but Pi Network supporters claim it’s a routine mainnet migration.

Concerns include a lack of transparency, no working dApps, closed-source code, low active wallet count, no real utility, and heavy reliance on referrals.