Pi Network’s $10M Lawsuit: A Tale of Fraud, Fools, and Faux Prices!

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Pi Network has been under heavy pressure lately after a U.S. investor filed a lawsuit, claiming he lost $2 million due to an alleged multi-year fraud scheme tied to the project. 🤡💸

The claims quickly spread across social media. In response, Crypto and AI researcher Dr Altcoin stepped in, saying the lawsuit is based on wrong price data and weak claims. 🤯

Pi Network Lawsuit: What the Court Filing Says

According to the filing submitted on October 24, 2025, in the US District Court for the Northern District of California, a US investor from Arizona named Harro Moen has accused SocialChain Inc., Pi Community Company, and Pi Network executives of running a multi-year fraud scheme. 🧑‍⚖️

The complaint claims that the Moen suffered losses worth more than $2 million and is now seeking $10 million in damages. 💸

The lawsuit alleges two main issues: 🧩

  • First, a huge price drop claim where the Pi token fell from $307.49 to near $1, causing massive damage. 🚀💥
  • Second, an unauthorized transfer of more than 5,000 Pi from the investor’s wallet. 🤪

These claims have quickly drawn attention across the Pi community, raising questions about the seriousness of the case. 🤔

Dr Altcoin Calls Lawsuit “Deeply Flawed”

Crypto and AI researcher Dr Altcoin strongly believes the lawsuit is flawed and based on misinformation. He explains that the claim about Pi falling from $307.49 to $1.67 is misleading. As Pi has never traded above $3 on any centralized exchange after its listings. 🤯

In defence, he says that the $307.49 price mentioned in the lawsuit is certainly a Pi IOU price, set by third-party exchanges that listed Pi IOUs, not by the Pi Core Team. 🧠

Dr Altcoin also reminded users that the Pi team clearly warned the public multiple times not to buy or trade Pi IOUs, stating they were unofficial and risky. ⚠️

I think the lawsuit is flawed on multiple levels.

1. The plaintiff, Moen, accuses Pi Network of fraud for dropping the price of Pi from $307.49 to $1.67.
The price of Pi has never been above $3 after the CEX listings. The $307.49 figure mentioned in the case is almost certainly…

– Dr Altcoin (@Dr_Picoin) December 10, 2025

Unauthorized Pi Transfer Claim Lacks Evidence

Coming on to the second claim, which alleges that 5137 Pi tokens were moved from the investor’s wallet without permission. 🤷‍♂️

Dr Altcoin says this claim lacks proof. He further added that the responsibility lies with whoever has access to the investor’s passphrase or recovery data. 🤪

Without blockchain proof linking the transfer to Pi Network, Dr Altcoin believes the claim cannot stand in court. 🧾

Pi Token Price under Huge Pressure

Since the lawsuit surfaced, Pi’s price has dropped about 8% in recent weeks, now trading close to $0.21. 💸

But the pressure didn’t stop there. Coinpedia news reported that on December 6, a joint notice from seven major financial associations in China recently warned the public about illegal crypto activities and specifically named Pi Coin as a risky asset. 🌍

As a result, the sentiment around Pi has grown more cautious, and the project is now facing fears that it may get delisted from listed exchanges in recent months. 🚫

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2025-12-10 15:36