MUMBAI, Feb 23: Pi Network launched its mainnet with one of the biggest airdrops in crypto history. It was one of the most highly anticipated crypto launches in history, but many have criticized the project as being a pyramid scheme or even a scam.
However, few are aware of the internal leadership turmoil that nearly derailed the project before its launch in 2020.
In 2020, Vincent McPhilip, one of Pi Network’s co-founders, took legal action against fellow founders Nicolas Kokkalis and Chengdiao Fan. He claimed they removed him from the company unfairly and mishandled financial resources.
McPhilip alleged that Kokkalis and Fan, a married couple, brought personal conflicts into the workplace, creating a toxic environment.
He described incidents involving verbal altercations and physical confrontations that made it difficult for him to lead effectively. McPhilip further stated that he spent more time addressing their disputes than focusing on business operations.
“Kokkalis and Fan had marital issues which manifested themselves not only in workplace shouting and screaming but acts of physical aggression towards each other witnessed by plaintiff,” the lawsuit stated.
Tensions escalated in April 2020 when McPhilip stepped away temporarily to address internal issues. However, Kokkalis and Fan viewed his absence as abandonment and revoked his access to company assets, including servers and financial accounts.
McPhilip also accused them of trying to dilute his ownership of the project. He claimed they planned to issue new shares at an undervalued price of $0.00005 per share, reducing his stake.
This was particularly significant given that Pi Network had previously secured substantial funding through Simple Agreement for Future Equity (SAFE) investments, raising capital at a $20 million valuation in 2019 and 2020.(AGENCIES)
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