A rising trend among Pi Network users, commonly referred to as Pioneers, has emerged as many are opting to sell their entire accounts.
This shift comes in response to the prolonged lockup periods that restrict users from accessing or trading their Pi coins (PI).
Pi Network Users Sell Accounts Due to Lockups
The Pi Network was launched as a blockchain-based cryptocurrency accessible via a mobile app. It promised a decentralized mining experience without the need for specialized hardware, enabling broader access.
However, its lockup mechanism—designed to stabilize supply and reduce inflation—has backfired. According to the latest data, the total number of accounts on Pi Network is 11.5 million.
Pi Network Lockup Period. Source: ExplorePi
Of these, 1.1 million pioneers have locked their PI for 6 months, and 1.6 million for a year. Notably, the majority—7.2 million accounts (62.6%)—have locked theirs for three years. Therefore, this means these coins won’t become tradable until late 2027 to early 2028.
“Normies have been mining that PI stuff every day for about three years. I was sure it was a scam, but hey, it looks like might get something out of it after all. The funny thing is, most of the normies locked it up for 3–5 years and now wish they could sell their PI,” a user wrote on X (formerly Twitter).
This impatience has led some Pioneers to bypass the lockup by selling their accounts, passphrases included, on platforms like X. A quick search for “sell locked Pi” reveals a flood of offers, with users advertising their locked balances for immediate sale.
“A friend has 2,136 Pi for sale. The Pi is locked until 2027. If you buy, you will receive the passphrase, which grants full access to the wallet,” posted a user.
The user expressed deep concern over the situation. He noted that many individuals who have locked their Pi face severe financial hardships and are unable to sell their coins.
However, this practice raises significant risks. Sharing passphrases with buyers creates a scenario where at least two people know the critical access key to an account, increasing the likelihood of theft or fraud.
Due to the lack of regulation, buyers are also vulnerable to scams. Dishonest sellers could potentially offer fake accounts or invalid passphrases. Legal concerns arise as this practice may violate Pi Network’s terms of service. This could risk permanent bans or forfeiture of coins, leaving both parties with no recourse.
Besides the lockup struggles, Pi Network has faced significant criticism as users have been unable to migrate their tokens to the mainnet. Many Pioneers have reported unresolved technical issues preventing balance transfers, sparking calls for extending the March 14 migration deadline.
Meanwhile, these issues arise amid a challenging period for Pi Coin. The altcoin has lost 22.2% of its value over the past week.
As BeInCrypto reported earlier, investors are pulling their funds out of Pi Network, with bearish sentiment dominating the market. At the time of writing, Pi Coin was trading at $1.3, down 0.7% in the past 24 hours.
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