Moen Files Amended Complaint Against Pi Network, Alleging Fraud and Unjust Enrichment

On Wednesday, March 11, 2026, Harro Moen filed a third amended complaint in the US District Court for the Northern District of California against SocialChain Inc., Pi Community Company, Nicolas Kokkalis, Chengdiao Fan, and Does 1-50, alleging a scheme to defraud over 60 million users of the Pi Network cryptocurrency platform.

The complaint centers around claims that the defendants misrepresented the decentralized nature of the Pi Network. According to the filing, a March 2019 Whitepaper promised community governance, community-operated validator nodes, and decentralized participation. However, Moen alleges the defendants maintained exclusive centralized control through just three validator nodes for over five years, without any community input.

The filing highlights an unauthorized transfer of 5,137.39 Pi tokens from Moen’s KYC-verified wallet to an unauthorized wallet on April 10, 2024. The complaint states that this wallet was created by the defendants’ Pi Foundation Wallet 2, and the tokens were subsequently laundered through multiple wallets in automated batch operations.

The complaint alleges that the defendants secretly coordinated Pi token listings on XT.com, Huobi, and BitMart on December 29, 2022, despite telling users the tokens had “no value.” The filing claims that Huobi alone generated $57.51 million in trading volume, and that exchange confirmations indicated the project team initiated the listings. The filing suggests that at the time of the listings, the defendants were in financial distress.

Moen’s complaint lists four causes of action: common law fraud, breach of fiduciary duty, unjust enrichment, and violation of California’s Unfair Competition Law. Moen seeks $10,000,000 in compensatory and punitive damages, restitution of 6,541 Pi tokens, disgorgement of profits, injunctive relief to halt unauthorized transfers and ensure migration, and permission to form a class action. The plaintiff has demanded a jury trial.

Please contact BlockTribune for access to a copy of this filing.