As PI Day Approaches, Many Pi Network Users or Pioneers Could Lose Their Accumulated Pi Coins

This risk comes following widespread complaints about the inability to complete the Know Your Customer (KYC) verification process.

As Pi Day approaches, many Pi Network users, also known as Pioneers, risk losing their accumulated Pi coins. The risk comes following widespread complaints about the inability to complete the Know Your Customer (KYC) verification process.

In a late February announcement, the Pi Network team warned users who fail to complete KYC and migrate their balance to Mainnet within the extended grace period—ending at 8:00 AM UTC on March 14, 2025—”risk losing most of their mobile balance.”

“The extended Grace Period is nearly over, and we must make sure that the network can move on in its new phase without large sums of unverified and unclaimed mobile balances. Thus, this is the last chance for any Pioneer to complete the required steps to avoid forfeiting their past mobile balances,” stated the announcement.

However, this announcement has sparked frustration among Pioneers. On X (Twitter), several users shared their attempts to complete KYC, which were unsuccessful.

Crypto enthusiast Rod Thompson described the situation as the biggest con job in crypto, with up to 10,000 PI Coins on the line for him.

“The Pi Network has been earning ad revenue for every one of my daily mining sessions, but I’m going to lose over 10,000 pi coins because people I haven’t spoken to in two years haven’t done KYC. At least one of them passed away over a year ago. That’s over $10,000 due to me for my efforts,” Thompson wrote.

Another user, S.O.H., described the situation as “mass social engineering on blockchain.”

Meanwhile, Ahmady Ala reported that despite mining Pi for six years, he has yet to be allowed to complete KYC. In the same tone, some users had their KYC documents pending for over two years without resolution.

“My KYC verification has been pending for 2.5 years. Even if it won’t be approved, shouldn’t there be an option to reapply?” user H. Ibrahim asked.

Unfair Reward Distribution, Centralization, and Migration Issues

In addition to KYC-related frustrations, many users have reported balance inconsistencies, claiming their unverified balance keeps increasing while their transferable balance is significantly reduced.

This makes the migration process confusing, and the lack of transparency leads some to label Pi a “scam network.” Another major concern is the alleged unfair distribution of rewards.

“I mined consistently for 4 years, stayed loyal to Pi Network, brought in 39 people, and even completed KYC for 17 of them—yet I got nothing. Meanwhile, others with no referrals and irregular mining have more Pi than me. How is that fair?” another user, Mango Fan Token, stated.

Meanwhile, despite claiming a user base of 60 million, on-chain data indicates only about 11 million active users, leading to concerns over Pi Network’s actual adoption rate.

Additionally, questions about centralization have emerged. Some critics argue that the project’s control mechanisms limit the potential for a truly decentralized network.

Another issue plaguing the network is the failure of many users to migrate their Pi coins to Mainnet. As BeInCrypto reported recently, Pioneers have struggled with transferring their balances, even after fulfilling all required steps.

Some users, frustrated by prolonged lockup periods, have resorted to selling their PI Coin accounts on unofficial markets, raising further concerns about the platform’s credibility and long-term viability.

While criticism of the network continues to mount, Pi Coin has recently seen double-digit gains as investors gear up for Pi Day. Some analysts speculate that the surge is driven by optimism surrounding potential developments on March 14.

CoinGecko data shows that PI Coin’s price was $1.71 as of this writing, up nearly 15% in the last 24 hours. However, whether the price momentum can be sustained in the face of ongoing technical issues and community dissatisfaction remains uncertain.