Pi Network Project Causes Disappointment

After several delays, the Pi Network team has reclaimed the amount of Pi coins that users mined over the years on March 14th. The affected group consists of accounts that have not completed identity verification (KYC) or have not been approved by the project. To date, there is no official statistics on the number of users affected by the project's actions. However, many sources suggest that the number could reach tens of millions of people. "Pi Network has just released the two-factor authentication feature (2FA) requiring some Pioneers to complete 2FA before their Pi can be successfully moved to the Mainnet blockchain. This feature helps secure and verify the Pi wallet of Pioneers by confirming a trusted email address, supporting the security of Pioneers' accounts and their Pi," the Pi Core Team stated in a post on X on March 18. Even after successfully completing KYC, many people report that they still have difficulty transferring Pi Network coins to the exchange. After signing the confirmation, the user's Pi will be added to the queue. The Pi will be transferred to the wallet after the Pi Core Team approves the account. However, the waiting time for approval is very long, and the Pi Core Team has not provided any specific criteria for account approval. Some people have their accounts approved and receive Pi in their wallets just after a week. Meanwhile, many others have to wait for several months, even over a year. In the Pi Network communities in Vietnam, many users express their disappointment with the development team and the project as they are unable to bring the mined Pi to the exchange. "It has been more than 6 months since KYC, but I still have not been approved by the system to transfer Pi to the exchange. Until now, I have also given up and no longer log into the app to check in daily," account Mạnh Tuấn shared in a Pi Network group with over 300,000 members. According to data from CoinMarketCap, as of the morning of March 19, the Pi Network coin is trading around the price of 1.13 USDT (1 USDT equivalent to 1 USD). This cryptocurrency has decreased by more than 22% in the past week. The decline is part of the overall downward trend in the cryptocurrency market.