Pi Network is facing renewed legal scrutiny as a new lawsuit emerges in the United States, but one industry expert argues the case is unlikely to hold up in court. According to Pi researcher Dr. Altcoin, the lawsuit filed in the U.S. District Court in California is “deeply flawed” and built on claims that misrepresent the project’s history and technical structure.
In a detailed post on X, Dr. Altcoin criticized the lawsuit for presenting misleading information—most notably the allegation that Pi once traded at $307.49 before crashing to $1.67. He emphasized that Pi has never exceeded $3 on any exchange, as all listings were unofficial and not connected to the project’s Mainnet. He further noted that the claim of 5,137 Pi tokens being transferred from the plaintiff’s wallet without consent lacks any verifiable evidence of internal access or misconduct.
The lawsuit, filed on October 24, accuses Pi Network’s developer SocialChain of mismanaging tokens, issuing false statements, and maintaining centralized control over the network through three validator nodes. Plaintiff Harro Moen alleges that over 5,000 Pi tokens were moved from his verified wallet in April 2024 and that an additional 1,403 tokens were delayed in being transferred to the Mainnet. The suit also claims SocialChain secretly sold 2 billion PI tokens, with compensation demands reaching up to $10 million.
This legal action adds to earlier controversies surrounding the project. Former executive McPhilip previously accused the Pi Network leadership of mishandling $20 million in funds and removing him without proper procedure. In Vietnam, another class-action lawsuit involving 33 local pioneers alleges that they were misled by exaggerated claims about Pi Coin’s future exchange value.
Despite recent ecosystem developments and continued community engagement, the mounting legal disputes have weighed on Pi Coin’s market sentiment. The token has fallen by over 4% in the past 24 hours as investors react to the growing legal uncertainties.
With expert commentary casting doubt on the strength of the U.S. lawsuit, attention now turns to how Pi Network will navigate these allegations and whether regulatory and legal pressures will impact its long-awaited Mainnet launch and broader adoption.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Pi Network Expands Developer Tools With RPC Server Upgrade
Pi Network has taken another step to improve its system for developers. The project has launched a new RPC server upgrade on its Testnet, making it easier to build and test apps on the network. This update allows node operators to run their own RPC servers
In simple words, developers no longer
Coinfomania23h ago
Pi Network Transfers 30M Coins as Migration Resumes
Pi Network has restarted its long-running migration process after a short pause. In the latest update, around 30 million Pi coins moved from an intermediary address to user-linked wallets. The transfer happened just hours after activity resumed, following a one-week break
The update suggests the n
Coinfomania04-10 21:24
Pi Network restarts the migration, and 30 million Pi have been transferred into users’ wallets
Pi Network resumed mainnet migration after a pause, transferring about 30 million Pi tokens to users’ wallets, mainly targeting users who have completed KYC. The first migration has been completed, and a second migration is currently underway, with the core team emphasizing batch processing. Some false information appeared during the process; the official account has issued a clarification, reminding users to obtain information through official channels.
MarketWhisper04-10 06:39
Pi Network version 21 released; mainnet RPC and smart contract acceleration are advancing
Pi Network released version 21 on April 9. The key update is that the testnet RPC has officially gone live, providing developers with a secure environment to test smart contracts and DApps. Next, smart contracts are expected to be deployed within two months, enabling Pi幣 to transition from a community token into a functional digital asset and to support DeFi applications and automated workflows, while also advancing the KYC migration to ensure compliance.
MarketWhisper04-10 01:50
Pi Network Launches RPC Server on Testnet for Smart Contracts
Pi Network has introduced a new tool for developers. The project has launched an RPC server on its testnet. This update is an important step toward building smart contracts and real applications on the network
For now, the feature is only available in the test environment. Still, it shows that Pi
Coinfomania04-10 01:18
Pi Launchpad 12 Grid testnet launch, pioneer token distribution completed
Pi Network recently launched a token distribution test for the Pi Launchpad. More than 300k users participated, staking 24 million Test-Pi. The core architecture “12 Grid” enables end-to-end token delivery, and all transactions are publicly verifiable. This test confirmed the system’s feasibility and paved the way for a future official launch. The upgrade roadmap includes the PiRC1 framework and Protocol 23, which will be rolled out in April and May, respectively.
MarketWhisper04-09 05:21
