Pi Network Pioneers Risk Losing PI Coins as KYC Deadline Approaches

YEREVAN (CoinChapter.com) — Pi Network users face the risk of losing their PI Coins if they fail to complete the Know Your Customer (KYC) verification by March 14, 8:00 AM UTC. Many Pioneers have reported difficulties with KYC verification, preventing them from migrating their balances to Mainnet before the deadline.

KYC Verification Problems Cause Frustration Among Pioneers

In late February, the Pi Network team announced that users must complete KYC verification and transfer their PI Coins to Mainnet before the March 14 deadline. The team stated that failing to do so would result in the loss of most unverified mobile balances.

“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,”

the Pi Network team stated.

Many Pioneers claim they have been unable to complete KYC verification despite multiple attempts. Rod Thompson, a crypto user, shared his frustration, stating he could lose 10,000 PI Coins because some of his referrals failed to pass KYC verification.

“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,”

said Thompson.

Another user, Ahmady Ala, said he had been mining PI Coins for six years but had not received KYC approval.

H. Ibrahim also reported that his KYC verification had been pending for 2.5 years, with no option to reapply.

Balance Discrepancies and Migration Challenges

Several Pi Network users report discrepancies in their balances. Some claim their unverified balances keep increasing while their transferable balances are significantly lower. This situation has caused confusion among Pioneers who are trying to migrate their PI Coins to Mainnet before the deadline.

“I mined consistently for four years, referred 39 people, helped 17 complete KYC—yet I got nothing. Others with no referrals have more PI Coins than me. How is that fair?” asked Mango Fan Token.

Pi Network’s Adoption Under Scrutiny as On-Chain Data Contradicts User Claims

Although Pi Network claims to have 60 million registered users, on-chain data suggests that only 11 million are actively engaging with the platform. This major difference raises concerns about the real adoption rate and how many users are truly benefiting from the ecosystem.

Data from the latest Pi Network metrics  shows that while the total number of accounts stands at 11,537,115, the number of actual Pioneers—users who have engaged with the platform—is 11,484,626. However, the migrated balance to Mainnet is significantly lower, with only 6.68 billion PI Coins moved, while over 1.29 billion PI Coins remain held by users who have yet to transfer their balances.

PI Coin Holder Distribution Reveals Large Disparities

Data from Pi Explorer  indicates that the majority of PI Coin holders have very small balances. The distribution shows a stark contrast in PI Coin ownership, with the largest category—microbes—holding between 0 to 10 PI Coins. This group accounts for 10.39 million accounts, representing over 80% of the total user base.

At the opposite end, whales—users holding over 10 million PI Coins—are extremely rare, with only 22 accounts in this category. Sharks, who own between 1 million and 10 million PI Coins, number only 9,998 accounts. The fish and shrimp categories, representing holders of 1,000 to 100,000 PI Coins, account for a much smaller portion of the total 12.5 million recorded accounts.

Low PI Coin Balances Raise Adoption Concerns

The disparity in PI Coin distribution raises further questions about Pi Network’s actual adoption. Most users hold balances under 100 PI Coins, placing them in the plankton or shrimp categories. This suggests that PI Coin accumulation is highly uneven, with a small group of high-balance holders dominating the ecosystem.

Additionally, 5 billion PI Coins remain locked, with over 218 million PI Coins categorized as “MayLostPi”, highlighting potential losses due to incomplete KYC verification or inactivity. Another 243 million PI Coins are in OnChain Lockup, meaning they cannot be accessed freely.

Despite claims of widespread adoption, on-chain data suggests that most users hold minimal amounts of PI Coins, with only a small percentage having substantial balances. The combination of KYC verification issues, migration difficulties, and unbalanced coin distribution continues to raise doubts about Pi Network’s real-world usage and decentralization goals.

Centralization Concerns and Locked PI Coins

Some users argue that Pi Network’s structure limits decentralization. Many Pioneers who completed all steps for KYC verification and migration still face challenges transferring their PI Coins. Reports indicate that some users have resorted to selling their PI Coin accounts on unofficial markets, raising concerns about security and the long-term viability of the project.

PI Coin Price Increases Ahead of Pi Day

Despite ongoing KYC verification issues and migration difficulties, PI Coin’s price has increased 15% in the last 24 hours, reaching $1.71, according to TradingView. The rise comes as Pi Day approaches, with some users anticipating potential updates from the Pi Network team. However, whether the price will remain stable amid ongoing technical problems remains uncertain.