Pi Network Loses $18B Value in Six Months as Expert Warn of “Rug Pull” Risk

An expert has touted Pi Network as a potential “rug pull” project. This comes as the project, which once carried a valuation of over $20 billion, has reportedly shed more than $18 billion in just six months.

Pi Network Faces Sharp $18B Value Decline

Investor confidence in Pi Network has declined significantly following a 90% drop from its all-time high. Prominent community expert Mr. Spock Ape described the crash as “basically a rug pull.” He also noted that many Pioneers continue to mine without realizing the scale of the project’s loss.

Mr. Spock shared that, despite the decline, some community members still cling to the long-standing “Global Consensus Value” (GCV). It claims that one Pi would equal $314,159. He argued that the GCV narrative has become a myth that keeps miners hopeful, while the real market struggles to find liquidity or external listings.

Building on the rug-pull calls, the project’s leadership has consistently been under scrutiny. As CoinGape previously reported, former executive McPhilip accused the Pi core team of mishandling roughly $20 million in project funds and claims he was unfairly dismissed.

Court filings reportedly show tension between co-founders Dr. Nicolas Kokkalis and Chengdiao Fan, with insiders describing a “toxic work environment.” These allegations, dating back to 2020, have resurfaced as the project faces calls for more transparency in how its funds and mining rewards are being managed.

Pi Coin also fell out of the top 50 crypto assets as a lack of major ecosystem developments erased billions in its paper value.

Despite efforts to reduce supply, the token has continued to see a downturn. For example, the Pi Network reduced the base mining rate to 0.0027405 π per hour in September, a 1.23% cut from the previous month. It now takes over 15 days to mine a single Pi without bonuses.

Upgrades Fall Flat as Pi Coin Extends Steep Decline

The project’s latest technical strides are failing to boost investor confidence as Pi Coin continues to shed value. For instance, Pi Network added DEX and AMM tools to its testnet. The purpose of these tools is to assist developers in simulating DeFi activity in a controlled setting.

Pi also upgraded its testnet to version 20, with advocates calling it a “key milestone” toward the eventual mainnet release. This upgrade enhances the blockchain’s structure to support additional applications and increase network activity.

In another recent move, the team introduced its “Fast Track KYC” feature aimed at accelerating user verification. Prior to applying for KYC, Pioneers had to finish 30 mining sessions, which caused months of delays. The new AI-powered system now enables earlier verification and faster access to mainnet wallets.

Despite these developments, its financial credibility remains under strain. Many are wondering if the project can win back the trust of investors after its $18 billion value loss.