Is Pi Network (PI) the Largest Cryptocurrency Scam of 2025 or Merely Controversial? (In-Depth Analysis)

Summary

• Pi Network has been operational for about five years, recently launching its official platform and allowing its native token to enter trading. The project has faced significant scrutiny and controversy, yet its popularity continues to rise.
• A breakdown by Garland on X suggested they uncovered reasons to consider Pi Network a scam.

Is Pi Network Legitimate?

The article opened with a satirical take on the promises made by the Pi Network team, specifically regarding their aspirations to revolutionize crypto mining accessible from nearly any smartphone. “No fees, no risks, simply free tokens and unfulfilled aspirations,” remarked Garland.

Yet, the user flagged multiple warning signs associated with the project, notably persistent delays in launching the mainnet. One serious issue highlighted was a significant user data breach in Vietnam during 2021. Garland also referenced Ben Zhou, the Bybit CEO, who criticized the initiative following its mainnet launch and the resulting token drop.

During this period, Bybit’s top official pointed out a warning from Chinese regulators in 2023, which labeled Pi Network a scam, emphasizing his company’s decision not to list the PI token.

Additionally, Garland rebuked the claim that Pi Network boasts 60 million active users, arguing that there are very few active wallets and that the entire operation relies on “referral schemes rather than genuine engagement.”

They claim “60M users.”

Reality?

Almost no active wallets.

The whole thing runs on referral loops, not real usage.

And now, even the community is waking up.

Now everyone sees it.

— Garland (@garlandflips) May 20, 2025

Collapse of PI’s Price

The token associated with Pi Network has experienced extreme volatility, having been available for trading for only a few months. Following its launch, its price soared to nearly $3 before plummeting to approximately $0.4 in early April.

In recent weeks, it surged back up to $1.7 but then fell to $0.6, coinciding with an announcement and a traditional ‘sell the news’ scenario. According to Dr. Picoin, an individual described as a “respected insider,” Garland suggested that the project’s team inflated the token’s price only to offload their assets onto retail investors.

Wallet GABT7EMP…4GC5G is the one to watch.

Massive outflows exactly during the pump window.

Piscan shows clear exits.

If you’ve seen rugs before, you know the pattern.

Retail was bait, exit liquidity. pic.twitter.com/Cyfap0oD1J

— Garland (@garlandflips) May 20, 2025

Garland concluded that the Pi Network team is merely diverting attention with vague promises, while “insiders are quietly depleting liquidity.”