Pi Network's 2020 Power Struggle Almost Derailed Its Launch

In Brief:

A legal dispute between co-founders nearly halted Pi Network's launch.

Vincent McPhilip accused fellow founders of mismanagement and workplace conflict.

Pi Network has since denied scam allegations, while PI surged 86% in 24 hours.

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Pi Network’s highly anticipated launch was almost derailed in 2020 due to internal leadership conflicts. Co-founder Vincent McPhilip sued Nicolas Kokkalis and Chengdiao Fan, claiming he was unfairly removed from the company amid financial mismanagement and workplace disputes.

The lawsuit revealed allegations of toxic work conditions, verbal altercations, and financial dilution schemes. The dispute was settled privately in July 2023.

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Despite its growing user base, Pi Network continues to face fraud accusations. The team recently denied links to Bybit CEO Ben Zhou and distanced itself from China police warnings about impersonators using Pi’s name.

Meanwhile, Pi Network’s PI token surged 86% within 24 hours, currently trading at $1.50 with a market cap of $10 billion.

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