Yes, as of April 2025, Pi Network founders Nicolas Kokkalis and Chengdiao Fan are considered crypto billionaires-at least on paper-despite the token’s dramatic price crash and limited liquidity.
How Did They Become Billionaires?
- Token Allocation: The Pi Network has a maximum supply of 100 billion tokens. Of these, 20 billion tokens have been allocated to the core team (primarily Kokkalis and Fan), and 10 billion more are held by the Pi Network Foundation, which is also believed to be under the founders’ influence.
- Current Valuation: Even after Pi’s price plunged nearly 80% since February 2025, the fully diluted valuation (FDV) of the network is around $66 billion. The 20 billion tokens controlled by the core team are worth about $13.2 billion at this FDV, meaning each founder’s share is roughly $6.6 billion if split equally.
- Locked Tokens: Most of these tokens are currently locked and will only be gradually unlocked until May 2028, with about 131.2 million tokens unlocking each month (worth around $87 million at current prices). This means the founders cannot immediately access or sell their entire holdings.
Key Points
- Paper Wealth: The billionaire status of the founders is based on the current theoretical value of their locked tokens, not on realized or liquid assets.
- Market Volatility: Their net worth is highly sensitive to Pi’s token price, which has been extremely volatile and is currently much lower than its peak.
- Uncertain Liquidity: The actual amount they could eventually realize depends on future market conditions, token unlock schedules, and the success of the Pi Network’s mainnet and ecosystem.
Summary Table
| Founder | Estimated Token Holdings | Estimated Value (April 2025) | Liquidity Status |
|---|---|---|---|
| Nicolas Kokkalis | ~10 billion | ~$6.6 billion | Mostly locked |
| Chengdiao Fan | ~10 billion | ~$6.6 billion | Mostly locked |
Conclusion
Despite the sharp drop in Pi Network’s market value and the fact that their holdings are locked, Nicolas Kokkalis and Chengdiao Fan are indeed considered crypto billionaires on paper due to their substantial token allocations. Their actual ability to access or spend this wealth will depend on future developments in the Pi Network and the broader crypto market.
