Pi Network: A Million Users in KYC Purgatory 😂

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The Pi Network, that grand digital circus, finds itself once more under the spotlight, this time for its rather sluggish approach to the Know Your Customer (KYC) process. It seems as though a significant portion of the audience is still waiting in the wings, tentatively approved but not quite ready to step onto the main stage.

The delay in these crucial verifications has, naturally, whipped up a storm of frustration within the community, casting a shadow of doubt over the project’s transparency and its long-term prospects. One can almost hear the groans of impatience echoing through the digital halls.

Pi Network Users Stuck in KYC Limbo

In a recent tweet, or as they now call it, a “post on X,” a particularly vocal Pioneer pointed out that while the network boasts an impressive 60 million active users, a mere 16 million have managed to create wallets. This leaves a staggering 44 million souls in a state of limbo, neither fully verified nor gracefully migrated to the mainnet. 🤷‍♂️

“At this rate, it’s going to be 10 years before some people see their Pi,” the user lamented, adding a touch of dramatic flair to the proceedings.

It’s worth noting that the KYC system, a vital checkpoint in the journey towards full membership, has seen some improvements for newcomers. Gone are the days of a 30-day waiting period, which is certainly a step in the right direction. However, this hasn’t done much to clear the backlog of users who are still stuck in the tentative phase, twiddling their thumbs and wondering when their turn will come. 🕒

The Pioneer also reminded everyone that the three-year lockup period for PI holdings doesn’t start ticking until migration is complete. This little tidbit of information has only served to deepen the frustration, with many users now questioning the project’s credibility and timelines. It’s enough to make one wonder if they’re in for a marathon rather than a sprint.

Criticism of Pi Network’s KYC and migration process is nothing new. Previous reports from BeInCrypto have highlighted similar issues, with some users even reporting the loss of their hard-earned coins. Despite the ongoing challenges, Pi Network has soldiered on, rolling out a series of technical updates aimed at addressing the problems.

On August 27, the project unveiled a Linux Node version and announced a protocol upgrade from version 19 to the sprightly version 23. A key aspect of this update is the enhancement of KYC scalability. The plan is to embed KYC enforcement directly into the blockchain, allowing trusted third parties to step in as verification authorities. This, it is hoped, will create a more distributed and community-driven process, potentially speeding things up. 🚀

However, despite these noble efforts, the market wasn’t entirely convinced. According to BeInCrypto Markets data, the mobile-mined altcoin took a nosedive to an all-time low (ATL) of $0.33 on August 26. But fear not, dear readers, for there was a slight rebound following the upgrade announcement. 📈

Alas, the gains were fleeting, and PI continued to dance to the tune of volatility. As of the last check, the altcoin was trading at $0.34, marking a modest 0.87984% increase over the past 24 hours. It seems the road ahead is still a bumpy one, but perhaps with a bit of luck and a lot of patience, the Pi Network will find its way out of this particular pickle. 🍀

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2025-09-08 13:35