The founder of Pi Network appears.

At 10 PM on May 16th, Nicolas Kokkalis, considered a co-founder of the Pi Network ecosystem, participated in a discussion on the topic: "AI + Blockchain infrastructure to drive mass adoption" at the Consensus 2025 event.

Pi co-founder Nicolas Kokkalis (left) -

Earlier, on the evening of May 14th, his image also appeared in a video interview on a cryptocurrency platform to announce the establishment of Pi Network Ventures, a $100 million investment fund (including Pi tokens and cash) aimed at investing in projects built on Pi or contributing to the development of the ecosystem.

This fund is derived from 10% of the Pi token supply, which is specifically allocated to ecosystem development initiatives and aims to increase the practical applicability of Pi tokens through real-world products, services, and transactions.

Unlike many traditional cryptocurrency funds that focus solely on Web3, Pi Network Ventures is willing to expand its investments into the technology sector in general, including AI, Fintech, e-commerce, social networks, and real -world consumer applications.

However, this was Nicolas Kokkalis' first in-person appearance. During the discussion, the founder introduced Pi Network as a social network with tens of millions of users over the past six years.

He also proudly highlighted Pi Network's unique KYC feature, emphasizing that every account on the blockchain must pass this verification process before being activated.

At the same time, he spoke about the development of technology and its impact on the present time, specifically AI, especially generative AI. According to him, the world has just witnessed spectacular breakthroughs in AI models; now the focus has shifted to the stage of creating valuable applications and products.

Notably, despite the information released by Pi Network on May 14th and the appearance of its co-founder, the price of Pi did not increase; on the contrary, the price of this cryptocurrency continuously decreased, causing many investors to suffer heavy losses.

Specifically, following the announcement of the establishment of the Pi Ventures fund, the price of Pi fell from $1.20 /Pi to $0.80 /Pi, and after Nicolas Kokkalis finished speaking at the event, the price of Pi continued to decline and is currently trading around $0.70 /Pi. The market capitalization of Pi has decreased from $9 billion on May 12th to $4.8 billion in recent days; only over $600 billion has been traded in the last 24 hours.

The price of Pi dropped sharply after the co-founder appeared.

According to Nguyen Hoang Anh, a cryptocurrency investor in Ho Chi Minh City, the drop in Pi's price was inevitable, as the Pi community was hoping for positive news from the project and assurances from its founders. However, the information provided by the Pi Core Team was completely unoriginal. They said nothing about the project and offered no guarantees for investors.

For example, regarding the Pi Ventures fund, they not only invest in cryptocurrency but also in technology in general, with the investment coming from 10% of Pi tokens; investors could easily suspect that the founding team is using this as a pretext to dump Pi onto the market. The co-founders of Pi also only talk about technology and say nothing about the project's future development or direction, nor do they answer the questions that the community has been asking.

Hai Thanh, a long-time Pi miner and investor, also expressed extreme disappointment with the information that emerged on May 14th and 16th.

“The Pi Network community had high expectations for the information that the Pi Core Team and co-founders would release on May 14th and 16th, but what we received was still no clear information about the project. It seems they don't care about Pi miners and investors like us; for example, they haven't commented or intervened on the price fluctuations in recent days. I feel like I've been scammed and will not continue investing in Pi Network,” Thành said angrily.

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