Warning: Pi Network Users Face the Risk of Losing $PI When the KYC Deadline Approaches

As Pi Day (14th of March, 2025) approaches, many Pi Network users—also known as Pioneers—face the risk of losing their accumulated Pi tokens. The threat stems from persistent issues with the Know Your Customer (KYC) verification process, preventing many from transferring their balances to the Mainnet. The Increasing Disappointment Among Pi Network Users At the end of February, the Pi Network team issued a warning that Pioneers who do not complete KYC and transfer their Pi holdings before the deadline at 8:00 AM UTC on March 14, 2025 will lose most of the mining balance on their mobile devices. The project maintains that this deadline is necessary to transition the network to a new phase. "... ending the Extension Period is inevitable to ensure the network can move into a new phase without significant unverified and unclaimed mobile balances. Therefore, this is the final opportunity for any Pioneer to complete the mandatory steps to avoid losing their previous mobile balances." However, this announcement has caused a wave of disappointment in the Pi community. Many users have claimed that they have tried the KYC process multiple times but still cannot complete it due to unexplained technical issues or delays. Cryptocurrency enthusiast Rod Thompson describes this situation as a 'major scam,' saying he will lose over 10,000 Pi because some members in his referral group - people he hasn't spoken to in many years - did not complete KYC. "Pi Network has generated advertising revenue for each of my daily mining sessions, but I will lose over 10,000 Pi because those I haven't spoken to in two years have not completed KYC. At least one of them passed away over a year ago. I have to pay over 10,000 dollars for my efforts," Thompson sighed. Other users, such as Ahmady Ala, claim to have been mining Pi for six years without ever having the opportunity to complete KYC. Meanwhile, H. Ibrahim expressed disappointment with a pending KYC application that has been pending for 2.5 years, asking why there is no option to resubmit the application if it has not been resolved. Concerns About Reward Distribution, Centralization, and Mobility In addition to the disappointments related to KYC, Pi Network users are also expressing concerns about the fairness of the reward system. Some Pioneers have noticed the difference between their verified and unverified balances, making it difficult for them to understand the actual amount of Pi they own. "I have been mining continuously for four years, loyal to Pi Network, bringing in 39 people and even completing KYC for 17 of them—yet I have received nothing. Meanwhile, others without referrals and infrequent mining have more Pi than me. How fair is that?" a user identified as Mango Fan Token said. Another important issue is centralized control over the network, which critics argue is in conflict with the decentralized principles that blockchain technology is built upon. Despite the project boasting a user base of 60 million, on-chain data only shows 11 million active users, raising questions about the level of real-world adoption.

Moreover, even the pioneers who have successfully completed KYC also report difficulties in transferring their Pi balance to Mainnet. Some users claim that they have completed all necessary steps but still cannot transfer their money, which further raises doubts about the legality of the platform. Market Speculation Increasing Despite Criticism Despite the intense reaction, Pi Coin has recently surged by double digits on high expectations for Pi Day. Analysts believe that speculation surrounding announcements or potential updates on March 14 is fueling investor interest. According to CoinGecko, the price of Pi Coin is at $1.71, reflecting an increase of nearly 15% in the past 24 hours. However, whether this upward trend can be sustained amid increasing dissatisfaction within the Pi Network community remains uncertain.

As the KYC deadline approaches, many pioneers are facing a difficult choice: struggling with ongoing verification issues or risking the permanent loss of their Pi balance. The upcoming days will be crucial in determining whether the Pi Network can address these concerns and maintain its reputation in the cryptocurrency space.