A new lawsuit against Pi Network’s parent company, SocialChain Inc., is drawing attention across the crypto community. The case, filed by Arizona resident and Pi user Harro Moen, is being heard in the U.S. District Court for the Northern District of California.
What the Lawsuit Claims
Moen accuses SocialChain Inc., Pi Community Company, and Pi Network founders Nicolas Kokkalis and Chengdiao Fan of several violations. His complaint includes two major claims:
• An unauthorized transfer of around 5,137 Pi tokens from his wallet
• Financial losses based on what he describes as a price crash from $307.49 to $1.67
Moen argues that these losses amount to nearly $2 million, using a self-calculated token value of $307 per Pi. He says this number reflects the “real value” of Pi during the project’s early stages.
Why the $307 Price Claim Doesn’t Add Up
Crypto analysts say the lawsuit’s pricing claims are based on a misconception. Researcher Dr. Altcoin said that Pi Network’s price has never crossed $3 since centralized exchanges began listing Pi IOU pairs.
The $307.49 figure, he says, is not a real Pi price. It comes from IOU markets, where exchanges listed unofficial Pi tokens despite the Pi Core Team repeatedly warning users not to buy them. These prices were speculative, unregulated, and completely separate from Pi Network’s actual ecosystem.
Was the Token Theft Pi Network’s Fault?
Moen’s second claim involves an alleged theft of 5,137 Pi. He states the tokens were transferred without his permission.
Experts say this claim also has problems.
According to Dr. Altcoin, the only way someone could access a Pi wallet is by obtaining the user’s passphrase or recovery details. Without direct evidence that the Pi Core Team accessed his wallet, the accusation remains weak. Wallet breaches are far more often caused by phishing or scams, especially following Pi’s move toward open mainnet.
The Migration Delay Complaint
Moen also argues that some of his tokens never migrated from the old mining app to the mainnet, leaving his balance “illiquid.” This issue has been widely reported by many users worldwide and is not unique to his account. Analysts say this alone is not strong enough to support a fraud claim.
Is the Case Likely to Succeed?
Crypto researchers currently view the lawsuit as unlikely to succeed. Much of the argument revolves around IOU market prices, which Pi Network does not control, and wallet security issues, which cannot be blamed on the company without proof.
Still, analysts say the case could put pressure on the Pi Core Team to increase transparency, especially regarding migration timelines, user support, and mainnet progress.
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