PI Network：它是2025年最大的加密地毯拉力吗？

在某些人现在称为2025年最大的加密地毯吸引力时，Pi Network（一旦被称为革命性的移动矿业平台）受到了严格的审查

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.

在令人震惊的事件转变中，有些人称为2025年最大的加密地毯拉力，PI Network是一个移动采矿平台，最近越来越多地进行了审查 - 看到其代价的价格趋于下降及其叙述性。

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.

从X帐户（称为“ Atlas”）中分享了主要的调查见解，这是一个生动的图片，出现了一个基于炒作，含糊的承诺和缺乏权力下放的加密货币项目，最终导致对数百万人的欺诈行为。

The Rise of Pi Network

PI网络的兴起

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以旨在使加密货币开采民主化的愿景迅速吸引了数百万用户。前提很简单：通过移动应用程序免费提供PI代币，并在项目上线后获得奖励。

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，随着每年的每年，随着团队选择将项目保持在封闭的测试版时，主网发布会进一步推迟。尽管延误和缺乏切实的进步，但用户仍然乐观，这受到未来奖励的承诺以及该项目培养的紧密联系的社区的发展。

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.

据阿特拉斯（Atlas）勤奋地将导致崩溃的事件拼凑在一起，Pi终于在2025年初开放了其主网，而代币开始交易。猜测和乐观使价格从0.66美元上涨至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，即使代币达到了新的高点，也有令人不安的迹象。缺乏任何真正的技术里程碑是显而易见的，而Dapps被保证将是PI生态系统的关键组成部分，而无处可见。

The Collapse

崩溃

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网络在2025年共识中炒作后不久，价格在几天内跌幅超过50％。时间安排是在宣布1亿美元的VC基金的宣布时偶然的，这一举动被许多人视为分散缺乏进步的尝试。

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

当用户耐心地等待功能性DAPP或任何权力下放迹象时，内部人员开始移动。

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.

本周早些时候，区块链分析师和社区人物Picoin博士以他在链分析和加密货币趋势方面的工作而闻名。检测到1200万个PI令牌转移，从PI Core Team等方向控制的钱包（Gabt7emp）流到了熊市价格的高峰时。

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

代币被倾倒在市场的高峰上，根据Piscan的数据，这个钱包确实有大量的外流。

“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.

“当您被炒作分散注意力，1亿美元的VC基金的公告以及新的PI Dapps的公告使您分心时，他们卖出来了，” Picoژstry博士的评论引发了PI Network用户的恐慌浪潮，进一步加速了崩溃。

A Pattern of Deception

欺骗模式

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.

根据Atlas的深入线索，PI网络团队一直使用分心策略来维持社区兴趣。他们没有提供预期的100次DAPP和分散治理，而是对Web3集成和风险投资回合的含糊不清。

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?

关键问题仍未得到解答。承诺的分散治理在哪里？应该在PI链上建造的DAPP发生了什么？正如PI Core团队所声称的那样，封闭的Beta代币如何产生产量产品？

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.

考虑到Picoin博士检测到的大规模令牌运动，这些问题尤其相关。如果泄漏的电子邮件的报告和FTX付款小部件的集成是正确的，那么Pi Core团队似乎积极参与在市场顶峰上出售其令牌。

Past Red Flags Ignored

过去的危险信号被忽略了

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.

这不是PI网络首次受到欺诈活动的扫描仪。早在2021年，越南的17GB用户数据在线泄漏，中国监管机构警告说，PI的“免费采矿”模型是骗局。几年前，甚至拜比特的首席执行官都将该项目召集起来。

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.

尽管有这些警告以及据说在6000万个PI使用者中只有100,000个正在积极使用其钱包的事实，但对该项目的信念仍然很强。但是，正如阿特拉斯（Atlas）指出的那样，网络上的活动钱包数量仍然可疑。

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.

这引起了人们对项目的真实采用率与PI Core团队经常拥有的夸大用户指标的进一步怀疑。最终，这些新见解为PI网络的展开故事增添了另一层复杂性。

A Funnel, Not a Blockchain?

漏斗，不是区块链？

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网络是否真的是一个区块链项目，还是由推荐和猜测驱动的聪明的营销渠道？仍然没有DAO，没有开源代码，也没有功能生态系统。核心控制仍然是集中的，并通过邀请代码而不是实用性来推动增长。

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

“这不是创新，这是营销的，”阿特拉斯总结说，他一直在记录这个传奇并邀请