With rumors swirling about a potential #Binance listing for #Pi Network’s native token, Pi, in May 2025, interest in Pi Coins is surging. However, a risky trend has emerged: people selling locked Pi Coin wallets, often with unverified or incomplete Know Your Customer (KYC) processes. Before you consider purchasing such wallets, here’s why you should steer clear—especially since the original KYC owner retains control and access.
The Risks of Locked Pi Coin Wallets
Pi Network’s lockup mechanism allows users to voluntarily lock their mined coins for periods, sometimes up to three years, to earn higher rewards. Over 7.2 million accounts have locked coins until 2027 or beyond, leading some impatient users to sell their accounts, including passphrases, on platforms like X or Telegram. Buying these wallets comes with significant danger
1. Original Owner Retains Control: The initial KYC owner holds the passphrase, which grants full access to the wallet. Even if you purchase the account, the original owner can reclaim it at any time, potentially draining the wallet once the coins unlock or after a Binance listing increases their value.
2. KYC Complications: Pi Network requires KYC verification to migrate coins to the mainnet and trade them. If the wallet’s KYC is tied to the original owner, you may be unable to complete the process, rendering the coins inaccessible or unsellable. Failure to complete KYC by deadlines like March 14, 2025, could result in losing all mined Pi.
3. Scam and Fraud Risks: Many locked wallet sales occur on informal platforms without escrow protections. Scammers may sell fake or empty wallets, and there’s no recourse if the deal goes wrong. Pi Network warns against fake tokens and phishing scams mimicking official channels.
4. Legal and Security Concerns: Selling or buying accounts violates Pi Network’s terms and may lead to account suspension. Sharing passphrases also exposes you to security breaches, as the original owner could exploit the wallet later.
Binance Listing Speculation Amplifies Risks
The buzz around a possible Binance listing, fueled by a mainnet wallet activation feature and community votes (86% supported listing Pi in February 2025), has driven speculation about Pi’s price surging to $1 or higher. However, Binance has not confirmed a listing, and Pi faces scrutiny over transparency and tokenomics, which could delay or prevent it. Buying a locked wallet in hopes of cashing in on a listing is a gamble, as you may be stuck with an inaccessible wallet if the original owner reclaims it or the listing doesn’t materialize.
Safer Alternatives
Instead of buying risky locked wallets, consider these steps:
- Mine Pi Yourself: Download the Pi Network app and mine coins directly. It’s free and ensures you control your wallet.
- Wait for Official Listings: Trade Pi only on verified exchanges like OKX or Bitget after completing KYC and migrating to the mainnet. Avoid unofficial platforms.
- Stay Informed: Follow Pi Network’s official channels for updates on KYC deadlines and potential listings.
Conclusion
Buying locked Pi Coin wallets is a high-risk move, especially with the original KYC owner retaining access and the uncertainty around Binance listings. Protect your funds by avoiding these deals and engaging with Pi Network directly. In the volatile crypto world, patience and caution are your best allies. Always do your own research before investing.