Pi Network Hit With $10 Million Fraud Lawsuit as Community Disputes Key Claims

SocialChain Inc., the company behind Pi Network, is facing a $10 million lawsuit after an investor accused it of orchestrating a fraud scheme.

The complaint alleges that the company conducted unauthorized token transfers, secretly sold 2 billion Pi tokens, and deliberately delayed network migration. These actions reportedly triggered a dramatic collapse in the token’s price.

According to court documents, the lawsuit was submitted on October 24 in the US District Court for the Northern District of California. It is assigned to Judge Nathanael M. Cousins. The complaint targets Pi Network founders Chengdiao Fan and Nicolas Kokkalis, as well as SocialChain Inc.