Pi Network users face the risk of losing their tokens due to persistent Know Your Customer (KYC) verification issues. The final deadline for KYC completion is set for March 14, 2025 (Pi Day), but many users have yet to successfully pass the process.
Previously, the Pi Network team warned that users who fail to complete KYC and transfer their tokens to the mainnet by 8:00 UTC on March 14 will lose most of their balances. The project claims this step is necessary to clear unverified accounts and enhance network security.
Thousands Still Unable to Verify Their Accounts
Despite this, many users report that their KYC applications have been "pending" for over two years. Others claim they are unable to retry the verification process, fueling frustration within the community. Since unverified users cannot withdraw their tokens, concerns are mounting over the transparency of the system.
Crypto enthusiast Rod Thompson highlighted this issue as one of the biggest challenges in the crypto industry, stating that he could lose over 10,000 Pi due to unverified referrals.
Additionally, users have noticed discrepancies in their balances, with some reporting that their unverified balance continues to grow while their transferable amount remains unchanged.
Monetization Model Raises Concerns
Pi Network's ad-based revenue model has also come under criticism. Users must watch ads daily to continue mining, yet many remain locked out of their funds. Some long-term miners with referrals also claim they receive fewer rewards than irregular miners, raising further questions about the fairness of the system.
Withdrawal Issues and Speculation on Future Developments
Even verified users face delays when transferring Pi to the mainnet, leading some to sell their accounts on unofficial marketplaces — a sign of growing frustration.
There are also rumors that Pi Network is planning to launch its own exchange, allowing users to trade Pi-based tokens. Some believe this could boost Pi’s value, similar to Binance Coin (BNB), which surged from just a few dollars to over $700 in recent years.
Market Reaction and Pi's Future
As of now, Pi is trading at $1.57, down 7,9% in the past 24 hours, reflecting market uncertainty ahead of the KYC deadline. Despite this, Pi still holds a market capitalization of $11.18 billion, ranking as the 11th largest cryptocurrency.
With March 14 fast approaching, users await official announcements from the Pi Network team. However, whether the project can resolve these verification and withdrawal issues before the deadline remains uncertain.
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.
