Millions of Pi Network Users are at Risk of Losing Their Pi Coin, What’s the Problem?

Jakarta, Pintu News – As Pi Day approaches, many Pi Network users, known as Pioneers, risk losing the Pi coins they have collected.

This risk arises from the many complaints related to difficulties in completing the Know Your Customer verification process.

Pi Network Users Experience Frustration

In a late February announcement, the Pi Network team stated that users who fail to complete the KYC process and migrate their balances to the Mainnet within the extended grace period-ending on March 14, 2025 at 08:00 UTC-“risk losing most of their balances on the mobile app.”

Read also: How to Sell Pi Network (PI) Coin in 2025? Check out the Guide

“…the end of the Grace Period is inevitable to ensure the network can move into a new phase without large amounts of unverified and unclaimed mobile balances. Therefore, this is the last chance for every Pioneer to complete the necessary steps to avoid losing their balance,” the announcement stated.

This announcement sparked widespread frustration among Pioneers. Based on complaints circulating on X (Twitter), many users claimed to have tried but still failed to complete the KYC process.

Crypto enthusiast Rod Thompson called the situation “the biggest scam in crypto,” with up to 10,000 of his PI coins now at risk of being lost.

“Pi Network has been generating revenue from ads every time I do a daily mining session, but I’m about to lose more than 10,000 Pi coins just because some people I haven’t contacted for two years didn’t complete their KYC. In fact, one of them had died over a year ago. That’s over $10,000 that should have been rightfully mine,” Thompson lamented.

Thompson is not the only Pioneer to question the fairness of the Pi Network system. Another user, S.O.H., described the situation as “mass social engineering on top of blockchain.”

Meanwhile, Ahmady Ala, who has been mining Pi for six years, admitted that he has not yet received permission to complete KYC.

Correspondingly, some users revealed that their KYC documents have been pending for more than two years without any certainty.

“My KYC verification has been pending for 2.5 years. If it’s not going to be approved, shouldn’t there be an option to reapply?” a frustrated user named H. Ibrahim complained.

Users Complain of Unfair Distribution of Pi Network Rewards

In addition to KYC-related frustrations, many users also reported balance discrepancies. They claim that their unverified balances keep growing, while their moveable balances are significantly reduced.

Read also: Pi Network Price Ready to Break $3? This is the Impact if Donald Trump Mentions Pi Coin at a Press Conference

This made the migration process even more confusing, and the lack of transparency led some to refer to Pi Network as a “scam network.” Another concern is the alleged unfair distribution of rewards.

“I’ve mined consistently for 4 years, stayed loyal to Pi Network, referred 39 people, and even helped 17 of them complete KYC-yet I’ve gotten nothing. Meanwhile, there are other users who have no referrals and mine irregularly, but they have more Pi than me. Where is the fairness?” said a Mango Fan Token user.

On the other hand, while Pi Network claims to have 60 million users, on-chain data shows only around 11 million users are actually active. This casts doubt on the true adoption rate of Pi Network.

Issues of Centralization, Migration Failure, and Controversy Around the Pi Network

In addition to the issue of unfair prize distribution, questions have also been raised about the Pi Network’s level of centralization. Some critics argue that the project’s control mechanisms limit its potential to become a truly decentralized network.

Read also: Pi Network Price Could Surge to $5, What’s Fueling the Increase?

Another issue weighing on the network is the failure of many users to migrate their Pi coins to the Mainnet. As reported by BeInCrypto, many Pioneers recently had trouble transferring their balances, despite meeting all the requirements.

Some users, frustrated by the prolonged lockdown period, even chose to sell their Pi accounts on unofficial marketplaces. This phenomenon has further raised concerns regarding the credibility of the platform as well as its long-term viability.

Despite increasing criticism of the network, the price of Pi Coin increasedby 13% on March 13, 2025.

Investors seem to be gearing up for Pi Day, with some analysts speculating that the surge is driven by optimism over potential developments to be announced on March 14.

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Reference:

• BeInCrypto. Pi Network Pioneers Risk Losing Their PI Coins Over KYC Issues As Pi Day Approaches. Accessed on March 14, 2025