- Pi Network’s core team holds 82% of total Pi Coins, raising serious doubts about decentralization and fair wealth distribution.
- Limited transparency, AI-based KYC, and declining public interest add to growing concerns over Pi Network’s trustworthiness.
Pi Network, a mobile-based cryptocurrency mining platform, is facing mounting criticism over its centralization. Fresh data from PiScan reveals that the core team holds an overwhelming 82.8 billion Pi Coins, making up 82% of the total 100 billion supply. With so much of the network’s wealth in the hands of a few, concerns about true decentralization are growing.
At the heart of the issue is the concentration of these holdings. The Pi Network core team directly controls 62.8 billion Pi Coins across six wallets. An additional 20 billion PI is spread across 10,000 unlisted wallets also linked to the team. That puts nearly the entire supply under internal control, leaving users wondering whether this system is as decentralized as promised.
The problem doesn’t stop at coin distribution. Pi Network currently operates with only 43 nodes and three validators globally. Compared to giants like Bitcoin, which boasts over 21,000 nodes, or Ethereum, which runs on more than 6,600 nodes, Pi Network’s infrastructure looks worryingly centralized. Solana is another example, with approximately 4,800 nodes, yet Pi Network falls far behind.
Pi Network’s Transparency Under Fire
Beyond the concentration of holdings and network control, transparency is another key concern. Analysts have found it difficult to examine Pi Network’s source code and on-chain data because the project remains largely closed. A post by PiScan on X made that clear, stating:
Analyzing Pi Network’s source code and on-chain data is currently challenging due to its incomplete openness.
Transparency is a cornerstone of any decentralized project, and without it, trust in the network remains shaky. The lack of openness around its operations has only fueled further debate.
Adding to the unease, Pi Network has quietly introduced ChatGPT into its Know Your Customer (KYC) verification process. This change was slipped into the 2025 privacy policy update without prior mention in earlier versions. The updated document states:
We use ChatGPT, as a trusted AI partner, to automate identity verification and enhance security measures. By using our KYC services, users consent to the use of ChatGPT, and other AI providers that may be later implemented, as part of our KYC process.
The involvement of artificial intelligence in identity verification raises questions about user privacy and third-party involvement. With increasing concerns over how AI handles sensitive personal data, many users are left wondering whether their information is truly secure.
User Frustrations Continue to Rise
Dissatisfaction within the Pi Network community has been growing. Many users have voiced their frustration over the long lockup periods and technical difficulties experienced during the mainnet migration. Unable to access their tokens freely, some have even resorted to selling their accounts.
That frustration is reflected in the sharp decline in search interest for “Pi Network.” According to Google Trends, interest in the platform peaked at 100 on February 20, the day of the mainnet launch. Since then, it has plunged to just 12, marking a steep drop in public enthusiasm.
While early adopters once believed in the vision of a decentralized, mobile-friendly cryptocurrency, recent revelations have cast doubt on the Pi Network’s direction. Most of the supply is controlled by the core team, a small number of validators running the network, and a lack of transparency in governance.
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