PI Network：它是2025年最大的加密地毯拉力嗎？

在某些人現在稱為2025年最大的加密地毯吸引力時，Pi Network（一旦被稱為革命性的移動礦業平台）受到了嚴格的審查

In a shocking turn of events that some are calling the largest crypto rug pull of 2025, Pi Network—a mobile mining platform that has come under increasing scrutiny of late—has seen its token price plummet and its narrative unravel.

在令人震驚的事件轉變中，有些人稱為2025年最大的加密地毯拉力，PI Network是一個移動採礦平台，最近越來越多地進行了審查 - 看到其代價的價格趨於下降及其敘述性。

Sharing key investigative insights from an X account, known as “Atlas,” a vivid picture emerges of a cryptocurrency project built on hype, vague promises, and a lack of decentralization, ultimately leading to potential fraud against millions.

從X帳戶（稱為“ Atlas”）中分享了主要的調查見解，這是一個生動的圖片，出現了一個基於炒作，含糊的承諾和缺乏權力下放的加密貨幣項目，最終導致對數百萬人的欺詐行為。

The Rise of Pi Network

PI網絡的興起

Launched with the vision to democratize cryptocurrency mining via smartphones, Pi Network quickly attracted millions of users. The premise was simple: mine Pi tokens for free through a mobile app and reap the rewards once the project went live.

PI Network以旨在使加密貨幣開採民主化的願景迅速吸引了數百萬用戶。前提很簡單：通過移動應用程序免費提供PI代幣，並在項目上線後獲得獎勵。

However, with every passing year, the mainnet launch was further postponed as the team opted to keep the project in a closed beta. Despite the delays and the lack of tangible progress, users remained optimistic, fueled by the promise of future rewards and the close-knit community fostered by the project.

但是，隨著每年的每年，隨著團隊選擇將項目保持在封閉的測試版時，主網發布會進一步推遲。儘管延誤和缺乏切實的進步，但用戶仍然樂觀，這受到未來獎勵的承諾以及該項目培養的緊密聯繫的社區的發展。

According to Atlas, who has been diligently piecing together the events leading up to the collapse, Pi finally opened its Mainnet in early 2025 and the token began trading. Speculation and optimism drove the price to surge from $0.66 to $1.60.

據阿特拉斯（Atlas）勤奮地將導致崩潰的事件拼湊在一起，Pi終於在2025年初開放了其主網，而代幣開始交易。猜測和樂觀使價格從0.66美元上漲至1.60美元。

However, even as the token hit new highs, there were troubling signs. The lack of any real technological milestones was evident, and dApps, which were promised to be a key part of the Pi ecosystem, were nowhere in sight.

但是，即使代幣達到了新的高點，也有令人不安的跡象。缺乏任何真正的技術里程碑是顯而易見的，而Dapps被保證將是PI生態系統的關鍵組成部分，而無處可見。

The Collapse

崩潰

In May 2025, shortly after Pi Network made a hyped appearance at Consensus 2025, the price collapsed by more than 50% within days. The timing coincided suspiciously with the announcement of a $100 million VC fund—a move that was seen by many as an attempt to distract from the lack of progress.

在2025年5月，PI網絡在2025年共識中炒作後不久，價格在幾天內跌幅超過50％。時間安排是在宣布1億美元的VC基金的宣佈時偶然的，這一舉動被許多人視為分散缺乏進步的嘗試。

As users waited patiently for functional dApps or any signs of decentralization, insiders began to move.

當用戶耐心地等待功能性DAPP或任何權力下放跡象時，內部人員開始移動。

Earlier this week, blockchain analyst and community figure Dr. Picoin, known for his work on Chainalysis and cryptocurrency trends, made a startling observation. A 12 million Pi token transfer was detected, flowing from a wallet—GABT7EMP—allegedly controlled by the Pi Core Team, to another at the peak of the bear market price.

本週早些時候，區塊鏈分析師和社區人物Picoin博士以他在鏈分析和加密貨幣趨勢方面的工作而聞名。檢測到1200萬個PI令牌轉移，從PI Core Team等方向控制的錢包（Gabt7emp）流到了熊市價格的高峰時。

The tokens were dumped at the height of the market, and according to data from Piscan, there were indeed massive outflows from this wallet.

代幣被傾倒在市場的高峰上，根據Piscan的數據，這個錢包確實有大量的外流。

“They sold while you were distracted by hype, announcements of a $100M VC fund, and new PI dApps that will never come,” Dr. Picoژنs comment sparked a wave of panic among Pi Network users, further accelerating the crash.

“當您被炒作分散注意力，1億美元的VC基金的公告以及新的PI Dapps的公告使您分心時，他們賣出來了，” Picoژstry博士的評論引發了PI Network用戶的恐慌浪潮，進一步加速了崩潰。

A Pattern of Deception

欺騙模式

According to Atlas’s in-depth thread, the Pi Network team has consistently used distraction tactics to maintain community interest. Instead of delivering on the expected 100 dApps and decentralized governance, they rolled out vague promises of Web3 integrations and VC funding rounds.

根據Atlas的深入線索，PI網絡團隊一直使用分心策略來維持社區興趣。他們沒有提供預期的100次DAPP和分散治理，而是對Web3集成和風險投資回合的含糊不清。

Critical questions remain unanswered. Where is the decentralized governance that was promised? What happened to the dApps that were supposed to be built on the Pi Chain? And how does a closed beta token generate yield products, as claimed by the Pi Core Team?

關鍵問題仍未得到解答。承諾的分散治理在哪裡？應該在PI鏈上建造的DAPP發生了什麼？正如PI Core團隊所聲稱的那樣，封閉的Beta代幣如何產生產量產品？

These questions are particularly pertinent considering the large-scale token movements detected by Dr. Picoin. If the reports of the leaked email and the integration of the FTX Pay widget are true, then it seems the Pi Core Team was actively involved in selling their tokens at the peak of the market.

考慮到Picoin博士檢測到的大規模令牌運動，這些問題尤其相關。如果洩漏的電子郵件的報告和FTX付款小部件的集成是正確的，那麼Pi Core團隊似乎積極參與在市場頂峰上出售其令牌。

Past Red Flags Ignored

過去的危險信號被忽略了

This isn’t the first time that Pi Network has come under the scanner for fraudulent activity. Back in 2021, 17GB of user data from Vietnam was leaked online, and Chinese regulators had warned about Pi’s “free mining” model being a scam. Even the CEO of Bybit had called out the project as a scam years ago.

這不是PI網絡首次受到欺詐活動的掃描儀。早在2021年，越南的17GB用戶數據在線洩漏，中國監管機構警告說，PI的“免費採礦”模型是騙局。幾年前，甚至拜比特的首席執行官都將該項目召集起來。

Despite these warnings and the fact that only 100,000 out of 60 million Pi users are said to be actively using their wallets, according to data from Nansen, belief in the project remained strong. However, as Atlas points out, the number of active wallets on the network is still suspiciously low.

儘管有這些警告以及據說在6000萬個PI使用者中只有100,000個正在積極使用其錢包的事實，但對該項目的信念仍然很強。但是，正如阿特拉斯（Atlas）指出的那樣，網絡上的活動錢包數量仍然可疑。

This raises further doubts about the project’s true adoption rate versus the inflated user metrics that the Pi Core Team often boasts about. Ultimately, these new insights add another layer of complexity to the unfolding story of Pi Network.

這引起了人們對項目的真實採用率與PI Core團隊經常擁有的誇大用戶指標的進一步懷疑。最終，這些新見解為PI網絡的展開故事增添了另一層複雜性。

A Funnel, Not a Blockchain?

漏斗，不是區塊鏈？

Is Pi Network truly a blockchain project—or just a clever marketing funnel driven by referrals and speculation? There is still no DAO, no open-source code, and no functional ecosystem. Core control remains centralized, and growth is fueled by invitation codes rather than utility.

PI網絡是否真的是一個區塊鏈項目，還是由推薦和猜測驅動的聰明的營銷渠道？仍然沒有DAO，沒有開源代碼，也沒有功能生態系統。核心控制仍然是集中的，並通過邀請代碼而不是實用性來推動增長。

“This isn't innovation—it's marketing,” concludes Atlas, who has been meticulously documenting this saga and inviting

“這不是創新，這是營銷的，”阿特拉斯總結說，他一直在記錄這個傳奇並邀請