After several warnings and extensions, Pi Network’s deadline for token migration has passed, and users who did not complete KYC verification have forfeited huge sums. The asset’s price fell around 11% in response.
Some Pioneers claimed ignorance of the deadline, while others are reporting technical difficulties with the verification process. One particular user reported losing 10,000 PI tokens.
Pi Network Migration Deadline Triggers Brief Chaos
March 14 is Pi Day, and the Pi Network has been preparing some major changes to its blockchain project. The token’s price briefly went up due to the hype, and developers launched PiFest to celebrate its progress and advocate for further adoption.
Most importantly, today was the deadline for Pi Network users to complete KYC verification and migrate to the mainnet.
“Final Reminder: The Grace Period requires both KYC and Mainnet migration to be completed by 8:00am UTC on March 14, 2025, to avoid forfeiting most of your Pi other than Pi mined within the rolling window of the last 6 months before your Pi is migrated,” Pi developers stated via social media.
Essentially, the migration means that users will have to complete KYC requirements or automatically forfeit many of their tokens. This doesn’t necessarily apply to all holdings; for example, gains from the recent airdrop are generally safe.
However, the community has been afraid of technical difficulties wiping out their holdings, and this has begun happening.
Many Pi users have reacted to the migration deadline with confusion and outrage. Major fan accounts have been circulating screenshots of tremendous losses, particularly those about 10,000 Pi tokens.
Also, some users are reporting glitches in the KYC system that are wiping out their gains or causing downright confusion. Some social media boosters are already calling Pi a scam.
Needless to say, these migration issues are negatively impacting PI’s price. The previous bullish momentum was already fading, but massive token forfeitures and community upheaval accelerated the process.
Due to the large amount of tokens forfeited and potentially released into supply, PI declined nearly 10% today.
Ultimately, it’s anyone’s guess as to whether these migration issues will have a long-term impact on Pi Network. The project’s team repeatedly extended the deadline and gave multiple warnings about token forfeitures.
Furthermore, its fan community has shrugged off scam accusations on a few occasions. The strong ongoing community support has been the catalyst of Pi Network’s growth so far.
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