As PI Day approaches, many Pi Network users or Pioneers could lose their accumulated Pi coins.
The risk comes following widespread complaints about the inability to complete the Know Your Customer (KYC) verification process.
Growing Frustration Among Pi Network Users
In a late February announcement, the Pi Network team stated that 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 end of the Grace Period is inevitable to make sure the network can move on in its new phase without large sums of unverified and unclaimed mobile balances.Thus,this is the last chancefor any Pioneer to complete the required steps to avoid forfeiting their past mobile balances,” read the announcement.
This announcement has sparked widespread frustration among Pioneers. Based on discontent shared on X (Twitter), many claim they have attempted but failed to complete KYC. Crypto enthusiast Rod Thompson called the situation the biggest con job of 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 lamented.
Thompson is not the only Pioneer questioning the fairness of the Pi Network system. Another user, S.O.H.,describedthe situation as “mass social engineering on blockchain.” Meanwhile, others, such as Ahmady Ala, reported that despite mining Pi for six years, they have yet to be allowed to complete KYC.
Pioneer’s screenshot on KYC issues with Pi Network. Source: Ahmady Ala on X
In the same tone, some users have had their KYC documents pending for over two years without resolution.
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The crypto market has suffered a massive downturn, wiping out $160 billion in total market capitalization over the past 24 hours. This sharp decline has caused PI to shed 24% of its value.
However, technical indicators suggest that a rebound could be on the horizon for the popular altcoin.
PI’s Market Decline Shows Signs of Seller Fatigue PI’s hourly chart reveals that its Relative Strength Index (RSI) is near the oversold territory, signaling that selling pressure may be reaching exhaustion. As of this writing, this momentum indicator is downward at 31.36.
PI RSI. Source: Tradingview An asset’s RSI measures its overbought and oversold market conditions. It ranges between 0 and 100, with values above 70 indicating that the asset is overbought and due for a retracement. On the other hand, values under 30 suggest that the asset is oversold and may witness a rebound.
At 31.36, PI’s RSI signals that the token is nearing oversold territory. This suggests weakening selling pressure and the potential for a price rebound if buyers step in.
In addition, PI’s price just broke below the lower line of its Bollinger Bands indicator, confirming sellers’ exhaustion. This indicator is a volatility marker consisting of a middle-moving average line and two outer bands that expand and contract based on price fluctuations.
PI Bollinger Bands. Source: Tradingview When an asset’s price breaks below the lower band, it signals that it is oversold and trading at an extreme deviation from its average price. If buying pressure increases, this can indicate a possible rebound or trend reversal.
PI Teeters at Crucial Level—Breakout or Breakdown Ahead? A resurgence in PI demand could trigger a rebound toward its all-time high of $3, which was reached on Thursday. This represents a 44% uptick from its current value of $2.08.However, for this to happen, PI must first break above the resistanceformed at $2.56.
PI Price Analysis. Source: TradingView Conversely, if the downtrend continues due to a lack of new demand for PI, its price could plummet toward $1.62.
PiChain Mall has announced that it has completed the Know Your Business (KYB) verification document review stage, which is mandatory for doing business in the Pi Network ecosystem.
As per a recent post, PiChain Mall said, “Our team has been working on the Pi KYB process, and we’re delighted to announce that the documents we submitted for Know Your Business verification have been approved.”
Pi Chain Mall Completes KYB Verification, Source: X However, they still await the final endorsement from the Pi Core Team before they can effectively serve as a verified business.
KYB verification is an operation that validates the legitimacy, security, and regulation compliance of businesses within the Pi Network ecosystem. This keeps only reputable businesses participating, thus improving security for members of the community.
The verification is carried out by Synaps, a third-party verification provider tasked with checking and certifying applications. Companies applying for KYB approval are charged a registration fee of $89, which is the cost of verification.
Once properly approved, PiChain Mall will provide safer and more sophisticated services to the Pi Network community.
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