Analyst Labels Pi Network the “Biggest Rug Pull of 2025” Following Massive Token Sell-Off
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A prominent crypto analyst known as Atlas on X has slammed Pi Network as the “biggest rug of 2025,” after an anonymous wallet dumped 12 million Pi tokens within hours—sending the token’s price tumbling by 50%. The sharp drop came shortly after the price of the token had surged to \$1.60, fueled purely by market hype and unverified speculation, according to the analyst.
In a May 19 post, Atlas alleged that while users were distracted by talk of an upcoming platform upgrade, insiders were offloading their holdings. He cited an investigation by a researcher going by the name of Dr. Picoin, who reportedly linked the token dump to members of the Pi Network’s core development team. Atlas has been warning about Pi’s risks since February, but this latest incident added weight to his claims.
Earlier in May, Pi briefly broke into the top 20 cryptocurrencies by market cap following a speculative rally, largely driven by rumors of a Binance listing and anticipation around a major announcement set for May 14. However, that announcement turned out to be the unveiling of a $100 million investment fund—a move many in the community considered underwhelming.
The result was swift: Pi’s price plummeted over 25% in a single day, triggering backlash from some supporters who accused the team of artificially inflating the token’s value through hype. One user criticized the approach of relying on a single announcement to drive momentum, warning that such tactics could erode trust if expectations aren’t met.
Since the peak on May 12, Pi Network has faced mounting skepticism, with the token trading significantly lower. By 4:45 a.m. EST on May 20, Pi had dropped to just under $0.74—representing a 33% decline over the past week.
Analyst Alleges Insider Dump as Wallet Linked to Pi Core Team Comes Under Scrutiny
Atlas, the analyst behind the recent accusations against Pi Network, claims to have traced the token dump to a specific wallet—GABT7EMP—which he alleges is tied to the Pi Network’s core operations team.
“The wallet in question—GABT7EMP—is allegedly connected to Pi Core ops,” Atlas stated. “Millions of Pi flowed out from this address right near the local top. Piscan showed massive outflows just as the price began dumping. To many, this looks like a textbook insider exit during peak liquidity.”
While the Pi Network core team has remained silent on X regarding the allegations, a pro-Pi account, Times of Pi Network, appeared to respond indirectly. In a post, the account explained that the team oversees multiple wallets used for a variety of purposes, including funding for ecosystem growth, liquidity provisioning, strategic partnerships, operational costs, and community incentives.
Atlas, however, pushed back on suggestions that the transactions were part of a routine migration from testnet to mainnet. He argued that if that were the case, the team should have provided clear communication in advance to avoid fueling suspicions of market manipulation.
