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Will Millions of Pi Network Users Lose their Coins Today?
A major issue that affects many users is the impact of referral circles. In Pi Network, pioneers earn rewards based on their network for referrals.
Pi Network’s KYC verification process will end today. For PI Network users who have been earning coins on the network, the KYC procedure is an essential step.
The platform has over 60 million users, and only a fraction of all users completed the KYC process. This means a large number of pioneers could see their accumulated coins disappear if they meet the deadline.
A major issue that affects many users is the impact of referral circles. In Pi Network, pioneers earn rewards based on their network for referrals. However, if a significant portion of a user’s referral circle fails KYC, the user who has verified KYC will also lose a large percentage of their coins.
This has caused frustration among long-time supporters who have actively contributed to growing the network but are now facing losses due to inactive or unverified referrals.
One user takes out frustration on X by saying, “It is unfair for Pioneers who have been on this journey from the beginning to lose the majority of their Pi coins. The core team should reconsider and at least redistribute some of the lost coins to dedicated Pioneers.”
Many users have also talked about technical difficulties, where they have completed all KYC steps but their accounts are stuck in the migration queue. Due to this, they are also unable to move their coins to the mainnet.
Some users are still unsure about their final status even though they have received the active KYC approvals. Confusion is apparently increased by the fact that some users are going through a unique KYC process that differs from the norm.
There are also rumors that the KYC and migration deadline might be moved to the end of February because of this uncertainty. A recent leak suggests that an official announcement is expected soon, potentially granting more time for pioneers to complete the verification process. However, the Pi Core Team has yet to confirm this publicly.
If the extension is approved, more users will have the opportunity to secure their coins. However, if no deadline extension is provided, users who remain unverified will lose permanent access to their Pi.
Migration to the Pi mainnet is still ongoing, so some users in the queue may not lose their coins immediately. Many pioneers are urging the Pi Core Team to reconsider the deadline and ensure long-time supporters aren’t unfairly affected by delays or technical issues.
Pi Network’s KYC verification process will end today. For PI Network users who have been earning coins on the network, the KYC procedure is an essential step.
The platform has over 60 million users, and only a fraction of all users completed the KYC process. This means a large number of pioneers could see their accumulated coins disappear if they meet the deadline.
A major issue that affects many users is the impact of referral circles. In Pi Network, pioneers earn rewards based on their network for referrals. However, if a significant portion of a user’s referral circle fails KYC, the user who has verified KYC will also lose a large percentage of their coins.
This has caused frustration among long-time supporters who have actively contributed to growing the network but are now facing losses due to inactive or unverified referrals.
One user takes out frustration on X by saying, “It is unfair for Pioneers who have been on this journey from the beginning to lose the majority of their Pi coins. The core team should reconsider and at least redistribute some of the lost coins to dedicated Pioneers.”
Many users have also talked about technical difficulties, where they have completed all KYC steps but their accounts are stuck in the migration queue. Due to this, they are also unable to move their coins to the mainnet.
Some users are still unsure about their final status even though they have received the active KYC approvals. Confusion is apparently increased by the fact that some users are going through a unique KYC process that differs from the norm.
There are also rumors that the KYC and migration deadline might be moved to the end of February because of this uncertainty. A recent leak suggests that an official announcement is expected soon, potentially granting more time for pioneers to complete the verification process. However, the Pi Core Team has yet to confirm this publicly.
If the extension is approved, more users will have the opportunity to secure their coins. However, if no deadline extension is provided, users who remain unverified will lose permanent access to their Pi.
Migration to the Pi mainnet is still ongoing, so some users in the queue may not lose their coins immediately. Many pioneers are urging the Pi Core Team to reconsider the deadline and ensure long-time supporters aren’t unfairly affected by delays or technical issues.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.