Pi Network (PI) Faces Its Biggest Crisis Yet as Crypto Investigator Alleges an $800000000 Insider Dump

Viral posts from investigator Atlas set off a wave of panic in the PI community, with claims that more than 12 million PI tokens were dumped by a wallet reportedly controlled by core developers, timed directly with PI's sharp price collapse.

Crypto investigator Atlas has alleged a possible $8 billion insider dump linked to the Pi Network (PI) Core Team, leading to a major crisis for the token. The investigator's viral posts have set off a wave of panic in the PI community.

According to Atlas's claims, a wallet reportedly controlled by core developers dumped more than 12 million PI tokens, precisely timed with the token's sharp price collapse. The massive movement of tokens from the wallet, which is said to be linked to the Pi Core Team, began around 2:00 pm ET on June 13.

The investigator shared data showing the wallet offloaded tokens just as PI crashed, raising questions about a coordinated pump-and-dump. This movement coincided precisely with PI's recent crash, raising suspicions of an orchestrated pump-and-dump strategy.

As per CoinMarketCap data, PI trades at $0.7312, down over 35% in the past week.

"Stop watching announcements. Watch the wallets," Atlas warned, sharing a timeline of the token's behavior:

While the Pi Core Team has not issued an official statement, some supporters claim the token movements were part of a standard testnet-to-mainnet migration. However, Atlas dismissed the explanation, highlighting the close linkages between the wallets and the lack of transparency regarding the transactions.

Token Unlocks and Centralized Exchange Balances Fuel Fresh Fears

Adding to the market's unease, 5.7 million PI tokens unlocked today, further flooding an already pressured market. The number of PI coins held on centralized exchanges has now surged to a record 397 million, increasing fears of another wave of sell-offs.

Market analysts warn that the unlocked supply could further suppress PI's price unless buying volume increases significantly.

Community Demands Accountability as Wallet Allegations Mount

Crypto influencer Dr. Altcoin claims the Pi Core Team operates more than 10,000 wallets and sub-wallets, most hidden from public view. He called for transparency, urging PI holders to demand answers instead of defending the project blindly.

On-chain analysts say only seven major wallets are fully traceable, further deepening the community's concern about undisclosed supply and insider control.

With the token's unlocked supply hitting the market and multiple wallets under scrutiny, market analysts warn that PI's price could remain under pressure unless investor demand returns in force.