Internal Strife Nearly Causes Pi Network to Collapse Before Launch

Pi Network was once one of the most anticipated cryptocurrency projects, with the largest airdrop in history. However, few people know that the project's leadership team faced a serious crisis in 2020, almost causing Pi Network to collapse before its launch. Power Struggle Almost 'Buries' Pi Network In 2020, co-founder Vincent McPhilip filed a lawsuit against the other two co-founders of Pi Network, Nicolas Kokkalis and Chengdiao Fan. McPhilip alleges that this couple unfairly removed him while managing finances poorly. “Kokkalis and Fan have marital conflicts, frequently argue, and even engage in physical aggression at the workplace, making it impossible for me to lead effectively.”

Tension peaked in April 2020 when McPhilip temporarily left the company to resolve internal issues.

However, Kokkalis and Fan consider this 'abandonment of the company' and immediately revoke McPhilip's access rights to financial accounts and servers. McPhilip also accused them of diluting his shares by issuing more shares at a very low price, only 0.00005 USD per share. Meanwhile, Pi Network has raised funds at a valuation of up to 20 million USD in 2019 and 2020. After years of dispute, the lawsuit was settled in July 2023, but the terms are still kept confidential. Pi Network Refutes Allegations of Fraud Despite the rapid increase in the number of users, Pi Network is still criticized as a multi-level marketing scam. On February 22, the Pi Network team spoke out to refute the accusations, affirming that scammers impersonating the project are causing misunderstandings. "Pi Network is not associated with any illegal activities. We strongly condemn fraudulent behavior."

Despite facing much controversy, the PI token price has surged by 86% in just 24 hours, reaching $1.50. With a strong recovery from the previous price drop, Pi Network now has a market capitalization of around $10 billion.