Pi Coin, Transactions Exceeding Total Supply by 10 Times Detected… Circulation 'False Disclosure' Controversy

Official circulation is 100 billion

Transactions exceeding 1.8 trillion detected

"False disclosure" vs "Test"

A controversy over false disclosure of circulation regarding Pi Network (PI), also known as Pi Coin, has erupted, centered around the community. This is because a transaction of Pi Coin exceeding the total supply of Pi Coin was recently detected.

According to Pi Explorer, which allows real-time transaction tracking of Pi Network, about three weeks ago, two transactions were made from a Pi Network wallet address (GDZ5ZJCL2KERJNNJGV6T337H6WO47SWYFI25XJUZGHZPZBWXXYFYXLEL), transferring 922.337 billion and 888.888 billion Pi Network tokens. The total of these two transactions amounts to about 1.8112 trillion.

The problem is that this scale significantly exceeds the official total supply of Pi Coin. According to the white paper and the virtual asset information platform CoinMarketCap, the total supply of Pi Coin is around 100 billion. The transaction volume confirmed this time is about 10 times the official supply, leading investors to raise the possibility of manipulation of Pi Coin's circulation.

One investor criticized, "Pi Network is not a real blockchain. It is highly centralized and vulnerable to manipulation," and "It is making those who buy tokens victims." Another investor pointed out, "In extremely centralized projects, there is no limit to the total amount," and "Pi Network falsely disclosed the circulation."

On the other hand, some investors took a cautious stance. The actual balance of the address in question appears to be less than 10, suggesting that it may be an internal test by the core team or developers. Kim Beom-jun, a researcher at Dispread Blockchain, also stated, "The actual holdings do not match the transaction history," and "It is premature to conclude it as false disclosure of circulation at this point. We should wait for the official position of the project team."

Despite the spread of such controversy, the Pi Core Team operating the Pi Network has not issued any official position on this matter. Bloomingbit requested confirmation on this issue but did not receive a response.

Meanwhile, as of 4:51 PM on the same day, Pi Network is recording $0.6112, up 1.27% from the previous day according to CoinMarketCap.