YEREVAN (CoinChapter.com) — In 2020, Pi Network faced internal conflict when Vincent McPhilip sued co-founders Nicolas Kokkalis and Chengdiao Fan. McPhilip claimed he was removed unfairly and accused them of mismanaging financial resources.
McPhilip stated that Kokkalis and Fan’s disputes affected business operations. The lawsuit described Pi Network conflicts, including verbal arguments and physical confrontations, that disrupted leadership.
In April 2020, McPhilip temporarily stepped away to handle internal matters. When he returned, he found his access to company resources, including financial accounts and servers, revoked. He alleged that Kokkalis and Fan tried to dilute his ownership by issuing new shares at a low price.
Pi Network had secured funding through Simple Agreement for Future Equity (SAFE) investments, raising capital at a $20 million valuation in 2019 and 2020. McPhilip argued that his removal aimed to reduce his stake in the company.
Settlement and McPhilip’s Role in Crypto
Kokkalis and Fan denied the allegations, stating McPhilip had violated company policies. The legal dispute lasted three years before it was settled in July 2023. The details of the settlement were not made public.
After leaving Pi Network, McPhilip remained involved in crypto, launching Knomad and engaging in blockchain discussions.
Pi Network Responds to Scam Allegations
Pi Network has faced accusations of fraudulent activity. On Feb. 22, the team addressed reports of scammers misusing its name.
Authorities in China issued a warning about individuals posing as Pi Network representatives. The team denied any involvement and stated that law enforcement had not contacted them.
“Pi Network has not been contacted by any police department in China regarding this incident. Pi strongly condemns any alleged activities by any bad actor,”
the team stated.
Pi Network Denies Ties to ByBit CEO
Rumors linked Pi Network to ByBit and its CEO Ben Zhou. The team stated there was no connection and that Pi Network had never commented on ByBit or Zhou.
A social media account falsely linked to Pi Network made negative statements about Zhou, but the team denied any involvement.
“Neither Pi Network, nor anyone affiliated with Pi Network, has ever commented about ByBit or Mr. Zhou, whether on social media or otherwise,”
the team clarified.
Pi Network’s Token Price Increases 86%
Despite controversies, Pi Network’s token price rose 86% within 24 hours, reaching $1.64. In addition, the fully diluted valuation now stands at $158 billion, with a market capitalization of approximately $10 billion.
Notably, the token also rebounded from a previous drop below $1 following the mainnet launch.
