Pi Network Faces KYC Crisis: 80% Could Be Affected as PI Drops

• PI Network Coin is down amid concerns about the KYC deadline, which is set for a few days.
• 80% of PI pioneers or early miners risk losing their coins on complaints hinging on system glitches.

The price of Pi Coin (PI) has plummeted drastically, with just four days remaining before the Pi Network KYC deadline. Approximately 80% of users risk losing access to their crypto holdings.

Users Encounter Issues with KYC Verification

Pi Network announced on social media X that the KYC deadline coincides with the 6th anniversary of the project’s official launch. This deadline concludes the Grace Period, which the team extended multiple times, sparking community debate. Therefore, Pi Networks users, pioneers, were advised to complete the required steps to avoid forfeiting their past mobile balances.

Thousands of pioneers have complained about difficulties completing the Know-Your-Customer (KYC) verification process. As revealed across multiple social media platforms, 80% of affected users cannot verify their coin balances properly at the time of writing.

An X user, @gettinschwifty0, said most of his team had completed the KYC process and migrated to the mainnet. Still, his balance shows that 63% of the coins are unverified. The user questioned whether the issue was related to a bug and if it would be resolved. 

“I won’t be very happy since I’ve been supporting Pi since the beginning, and it seems like I’m going to lose most of my coins,” the user stated. 

Several other users voiced similar complaints across key platforms, saying they could lose their accumulated coins. It is important to note that only coins mined within the past six months are exempted from forfeiture if the deadline passes without successful verification.

The mounting user frustration and uncertainty have contributed to lowering PI Coin’s value. PI plummeted by more than 16% in the last seven days, raising concerns for traders and investors. PI trades at $1.40, following a 12.2% decrease over the previous day. 

Pi Coin Bleeds

This decline resulted in PI dropping from its all-time high of $2.99. This volatility has triggered heightened concerns and discussions within the crypto community. Market analysts are divided about the impact on PI’s future. 

One analyst said he would remain bullish on PI if the price stayed above $1.2 support. The analyst added that he anticipates that PI will pump substantially on the upcoming PI Day. Previously, some analysts forecasted that PI could hit $3.14 in the short term, as outlined in our recent blog post. 

Meanwhile, several key industry observers and experts have highlighted security risks associated with the migration process. They said users must navigate a complex verification pathway, including identity verification, anti-money laundering checks, and transaction screening. This lengthy process has caused a lot of uncertainty for many people who want to protect their money during this transition period.

The ongoing uncertainty regarding a potential Binance listing further complicates matters for Pi Network users. In a recent update we covered, 86% of users voted in favor of Binance listing Pi on its platform. Still, Binance has not made any official announcement, increasing frustration among Pioneers.