When Pi Network Drama Almost Sent Crypto Rolling Off a Cliff!

by

So, Pi Network burst onto the scene with one of those *huge* airdrops that crypto dreams are made of! 🎉 It was the most hyped crypto debut, yet some skeptics wanted to hand it a “Pyramid Scheme of the Year” trophy. 🙄

But forget about those quick judgments! What’s really juicy here is the inner soap opera that was going down before their big launch in 2020!

The Great Pi Scuffle and Legal Shenanigans

Back in 2020, Vincent McPhilip—yup, he’s not just a cool name but also a co-founder—decided to take legal matters into his own hands against his partners, Nicolas Kokkalis and Chengdiao Fan. He was all like: “Hey, you can’t just kick me out and play favorite with the finances!”

And get this, he claimed these two lovebirds made the office more like a bad reality show. Picture this: verbal temperature rising to a boil and physical confrontations that sounded like an episode of “The Real World: Blockchain Edition.” 😬

“Kokkalis and Fan had marital issues which manifested themselves not only in workplace shouting and screaming but acts of physical aggression towards each other witnessed by plaintiff,” the lawsuit stated. Can you say awkward meeting?

Things got spicier in April 2020 when Vincent took a little ‘me time’ to figure things out. Kokkalis and Fan? They didn’t get the memo and thought he was ghosting them, promptly locking him out of company assets. Talk about a digital divorce! 💔

Then Vincent claimed they wanted to shrink his ownership faster than someone trying on jeans after Thanksgiving. The plan? Issue new shares at a laughably low price! In the land of crypto unicorns has no one heard of fair trade?

This was especially cheeky considering Pi Network scored some serious cash earlier, picking up investments at a $20 million valuation. 🎊

Kokkalis and Fan hit back, saying Vincent got the boot because he was breaking the rules. Like a kid throwing a tantrum at a candy shop—they had enough!

The whole saga wrapped in July 2023—details are under wraps but you can bet folks are still whispering about it over coffee. Meanwhile, Vincent’s off creating fresh shenanigans with a new project called Knomad—keeping his crypto spirit rolling!

Drama Alert: Pi Network’s Scam Allegations!

So here comes the tea—despite players signing up like it’s a new TikTok challenge, Pi Network’s been battling claims of scammery.

On February 22, the team stepped forward, waving their hands saying, “Whoa there! The scammers are out here, and we aren’t part of the circus!” 🤡

According to Pi’s tweet storm, a police heads-up in China warned about impostors dressing up like Pi Network reps. And guess what? They’ve never heard from local law enforcement. Shocking, right?

“Pi Network has not been contacted by any police department in China regarding this incident. Pi strongly condemns any alleged activities by any bad actor,” the team stated. Straight from the horse’s mouth!

And just when you think it can’t get more complex, they quickly said they’ve got no ties to crypto exchange ByBit or its CEO, Ben Zhou. Nope, no official emails, just some online chatter. 😅

“Neither Pi Network, nor anyone affiliated with Pi Network, has ever commented about ByBit or Mr. Zhou, whether on social media or otherwise,” concluded the project, sounding like a proud parent at a kindergarten graduation.

And despite things looking a little rocky, guess what happened? Pi’s token went on a wild rollercoaster ride, surging 86% in a single day! 🚀 The price tag? A sparkling $1.50! Looks like they’ve made one heck of a comeback!

That’s a recovery that has everyone buzzing—fully diluted valuation at a whopping $158 billion! Who knew drama could be so profitable?

Read More

2025-02-23 15:17