$8B fraud claim raised against Pi Network over massive token sale

Crypto investigator Atlas has sparked serious allegations against Pi Network via X, claiming a potential $8 billion insider scam, after revealing a massive token sale of 12 million PI tokens, allegedly linked to the core team. According to TokenPost, the sale coincided with a sharp price drop and Atlas criticized Pi's over-reliance on a multi-level referral system and low active wallet numbers. The Pi community countered, claiming the token movement was part of a routine migration from testnet to mainnet. Pi’s core team has yet to address the concerns publicly.