Pi Network Settles Internal Conflict Lawsuit, Token Price Increases 86%

In 2020, Pi Network faced internal conflict when Vincent McPhilip sued co-founders Nicolas Kokkalis and Chengdiao Fan.

Three years after being embroiled in a legal battle with Pi Network co-founders, Vincent McPhilip has settled his lawsuit and moved on to other crypto ventures.

In 2020, McPhilip, a former Pi Network executive, sued co-founders Nicolas Kokkalis and Chengdiao Fan, accusing them of unfair treatment and financial mismanagement.

According to the lawsuit, disputes between Kokkalis and Fan, which sometimes escalated to verbal arguments and physical confrontations, disrupted business operations and hindered decision-making.

McPhilip also alleged that Kokkalis and Fan attempted to dilute his ownership stake in the company by issuing new shares at a low price, a move that would have reduced the value of his shares.

During the lawsuit, Kokkalis and Fan maintained that McPhilip was removed from the company for violating company policies and that his departure did not affect Pi Network's operations.

The legal dispute, which began in April 2020, finally came to an end in July 2023, with the settlement being reached out of court. However, the terms of the settlement are confidential and have not been made public.

After leaving Pi Network, McPhilip went on to launch Knomad, a company that aims to build a decentralized mobile operating system. He also remained engaged in blockchain discussions and crypto events.

Meanwhile, Pi Network has been responding to scam allegations and addressing reports of individuals misusing its name to defraud people in China.

According to the Pi Network team, authorities in the country issued a warning about scammers posing as Pi Network representatives and collecting funds from unsuspecting individuals.

However, the Pi Network team stated that they had not been contacted by law enforcement regarding this incident and strongly condemned any alleged activities by bad actors.

“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.

In addition, rumors have linked Pi Network to cryptocurrency exchange ByBit and its CEO Ben Zhou. However, the Pi Network team said there is no connection between the two entities.

“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.

A social media account that is falsely linked to Pi Network made negative statements about Zhou, but the team denied any involvement in those statements as well.

“A social media account that is falsely linked to Pi Network made some statements about Mr. Zhou on social media. Pi Network strongly condemns any alleged activities by any bad actor,” they added.

On the other hand, Pi Network's native token, PI, has seen a significant rise in price over the last 24 hours, surging by 86% and trading at $1.64 at the time of writing.

With a total circulating supply of around 6 billion tokens, PI has a fully diluted valuation of roughly $158 billion, while its market capitalization now stands at approximately $10 billion.

After launching on the mainnet, the PI token initially dropped below $1, but it has since rebounded and is now showing substantial gains.