Pi Coin plunges 30% to record low! Former Pi Network executive accuses founder of "infighting and misuse of funds", community trust collapses
Pi Network, which has taken the world by storm with its "mobile mining", recently caused controversy again when former executive McPhilip accused the founder of infighting and fund misuse. With the workplace environment deteriorating, project delays and currency prices plummeting, Pi Network is facing a serious crisis of community trust.
(Preliminary summary: The whale is no longer playing? The Pi coin once plunged 35% to US$0.4, a new low since the opening of Pi Network)
(Background supplement: The Pi coin hit a record low of US$0.32, and the Pi Network lock-up policy triggered the anger of the community)
Contents of this article
Pi, a cryptocurrency platform famous for "mobile mining" Network has attracted tens of millions of users with its concept of "everyone can participate." However, recently, an accusation from a former Pi executive against the founder of Pi has once again put Pi at the forefront of public opinion.
According to X user @MrSpockApe, former Pi executive McPhilip publicly accused Pi Network co-founder Nicolas Kokkalis and his wife Chengdiao Fan (another founder) in court documents. The workplace environment deteriorated due to marital disputes, which not only slowed down Pi's project progress, but also allegedly misappropriated $20 million in funds raised in 2019-2020 for private luxury parties. This revelation not only exposed the power struggle within Pi, but also quickly increased community dissatisfaction with the transparency and governance capabilities of Pi Network.
Pi Network Under Fire: Allegations of Greed, Toxic Leadership, and a Silent Core Team
The Pi Network, a project long promoted as a community-driven blockchain revolution, now faces serious scrutiny following explosive allegations from a former executive. McPhilip, a formerā¦ pic.twitter.com/nTUXJPXuyo
ā Mr Spock š (@MrSpockApe) September 28, 2025
Details of McPhilip's accusations: Founder's marital conflicts and financial doubts
McPhilip disclosed in court documents that Kokkalis and Fan's personal marital problems have seriously affected Pi Network's operations:
The first is the toxic environment in the workplace: the disputes between the founder and his wife, including verbal attacks and physical conflicts, have penetrated into the workplace, causing the senior management team to be tired of mediating their personal grievances and unable to focus on project development. McPhilip said that he spent a lot of time dealing with conflicts between the founders, which caused Pi Network's technical and communication progress to seriously lag.
The second is the misuse of funds: From 2019 to 2020, Pi Network raised US$20 million through the Simple Future Equity Agreement (SAFE), but McPhilip alleged that some of the funds were misappropriated by the founders for personal purposes, such as hosting luxury yacht parties, rather than for project development or ecological construction.
Finally, there was the equity dispute and retaliation: the founder tried to dilute McPhilipās equity by issuing new shares at a very low price of $0.00005 per share. When he took a break in April 2020 to deal with internal issues, the core team quickly locked down his servers, financial accounts, and operational tools, cutting off his access to the project in an act of retaliation.
The crisis of trust in the Pi Network community has further worsened
McPhilip's accusations quickly spread in the community, causing many users to lament: "This also explains why Pi Network always behaves mysteriously and delays!" At the same time, as McPhilip's revelations continue to ferment, the community's crisis of trust in Pi Network has further worsened. Currently, tens of millions of Pioneers are dissatisfied with the project mainly focused on two major pain points:
The first is ecological stagnation: Although Pi Network launched the mainnet in February 2025, ecological development has stagnated, the number of dApps (decentralized applications) is scarce, and merchant adoption is slow. Many users complained on Reddit: "Six years later, the mainnet is still in testing, and the Pi ecosystem is really like an empty shell!" X user @MrSpockApe also commented:
The Pi core team received US$20 million in funding in 2019. They could have used this funding to build a complete ecosystem of 100 apps in 2020, but they hid this from us and their investors. Therefore, we have always believed that the Pi core team operates out of their own pockets. Throughout the process, it was clear they had the wherewithal to build Pi Network the right way, but as McPhilip described in court, control disputes and personal issues among the founders led to chaos.
Yes, you are right. The Core Team received $20 million in funding in 2019. They could have built the entire ecosystem with 100 apps back in 2020 with all that funding, yet they hid it from us and investors. Because of this, we thought the Pi Core Team was paying out of their ownā¦ https://t.co/A6M8ggeCHv
ā Mr Spock š (@MrSpockApe) September 28, 2025
The second is the controversy over Global Consensus Value (GCV): the "Global Consensus Value" (GCV, 1 Pi = $314,159) promoted by Pi Network has been criticized by the community as "a castle in the air." Since the current price of Pi coins is far from the target price of GCV, many users have questioned that GCV is just a "psychological scam" manipulated by Pi's core team and a few KOLs to prevent community selling. A user bluntly said on The coin has now fallen to $0.265, a record low. It has fallen as much as 30% in the past 30 days, and the circulating market value has dropped to $2.18 billion.
Although Pi Network has recently launched a number of initiatives, such as completing v19 to v23 on September 25 The upgrade of the protocol and the cooperation with Sign Protocol for digital identity verification have not been able to effectively boost the price of Pi coins. The community generally believes that although there has been progress in technological upgrades and cooperation, the core issues have not been resolved and it is difficult to reverse the market's pessimism.
