Pi Network Faced Legal Battles Before Mainnet Launch | Airdrop Alert Pro

PI network launches its mainnet, it is the largest Breath of air In crypto history. This is one of the most anticipated crypto launches in history, but many criticize the project as a pyramid scheme or even a scam.

However, few people are aware of the internal leadership turmoil that almost derailed the project before it was launched in 2020.

PI’s internal conflicts and legal struggles

2020 Vincent McPhilip PI network The co-founder took legal action against fans of other founders Nicolas Kokkalis and Chengdiao. He claimed they unfairly evacuated him from the company and planned financial resources.

McPhilip claims that married couples Kokkalis and Fan brought personal conflicts, creating a toxic environment.

He described events involving verbal disputes and physical confrontations that made it difficult for him to lead effectively. McPhilip further noted that he spent more time resolving their disputes than focusing on business operations.

“The Corkkali people and fans have marital problems and show not only in the workplace yelling and screaming statement.

Tensions escalated in April 2020 when McPhilip stepped out temporarily to resolve internal issues. However, Kokkalis and Fan considered his absence to be abandoned and revoked his opportunity to the company’s assets, including servers and financial accounts.

McPhillip also accused them of trying to dilute his ownership of the project. He claimed they planned to issue new shares at an undervalued price of $0.00005 per share, thus reducing his shares.

Consider PI Network has received a lot of money before Raise capital at a valuation of $20 million in 2019 and 2020 through a simple future equity (safe) investment agreement.

Kokkalis and Fan refuted these claims, believing that McPhilip was dismissed for violating the company’s policies.

The dispute was finally settled in July 2023, but details of the resolution have not been made public. Since then, McPhilip has maintained his interest in the cryptocurrency space by building a new project called knomad and interacting with the industry on X.

PI Network Rejects Scam Certification

Despite the growing user base, PI networks are still facing Alleged fraudulent activities.

On February 22, the team addressed the claims, clarifying that the scammers who were not related to the project used their name incorrectly.

According to the group, a police report from China warned individuals who pretended to be representatives of PI networks. The team said they were not involved in this situation and were not related to the matter.

“Any police department in relation to this incident has not yet contacted the PI network. PI strongly condemns any so-called activity by any bad actors,” the team statement.

Additionally, PI Network rejects the claim of links exchanged with cryptocurrency Bybit or its CEO Ben Zhou. They said no official communication occurred and the PI Network never commented on BYBIT or its leadership.

The team also distances itself from already established social media accounts Negative comments about Zhoureiterate that the item has no affiliation with the statement.

“Whether on social media or others, PI Network or anyone related to Pi Network has commented on Bybit or Mr Zhou. To do this, in addition to the comments mentioned in this post, PI Network (although Comments on PI have been commented) Still no comments and retained a position on Bybit, Mr. Zhou or his business,” the project concluded. .

Despite these challenges, Tokens for PI network Value increased dramatically. PI experienced an 86% increase in 24 hours, and as of press time, the token price reached $1.50.

This marks the strong Recover from earlier drop to under $1 After the mainnet release. PI’s full dilution valuation is now $158 billion and its market capitalization is about $10 billion.