As Pi Network nears the end of the grace period to migrate to its mainnet, it has confronted a few serious troubles. Primarily, a section of users has expressed their decision to sell their accounts, as they have found it difficult to digest the long lockup period policy. Secondly, some users have faced certain serious technical issues while attempting to migrate to the mainnet. Unsurprisingly, the PI price has dropped by around 20.6% in the last seven days. Here is everything you should know.
Growing Frustration Over Pi Network Lockups
Pi Network has no less than 11.5 million accounts. At least 62.6% of the total number of accounts in the network remains locked for three years. This implies that the coins in these accounts can be traded only after the next three years.
Accounts with shorter lockup periods are fewer in number. Around 1.1 million accounts remain locked for 6 months, and nearly 1.6 million for a year.
Rise in Account Sales to Bypass Lockups
Account sales are a strategy adopted by frustrated pioneers to overcome the long lockup period issue. Many pioneers have used their social media handles to sell their Pi Network holdings.
A post on X by Pending Ustaz reads: “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.”
A simple Google search for “sell locked PI” shows numerous listings from users trying to cash out.
Security & Fraud Risks for Buyers and Sellers
Pi Network does not permit selling user accounts. There is a chance that the network will invalidate the illegally sold accounts. There is also a possibility that fraudsters will use the opportunity to defraud PI Network users.
Importantly, sharing passphrases recklessly could severely affect the security framework of the entire network.
Mainnet Migration Issues Add to User Frustration
The final grace period to migrate to the mainnet and to complete the KYC procedure is scheduled to end on March 14.
Not all pioneers have successfully completed the process. Some have suffered technical errors during the process. Many have called for the extension of the migration deadline.
PI Coin Faces Heavy Losses Amid Bearish Sentiment
It is uncertain whether it is wise to give another extension to the deadline. The PI market is already in trouble.
In the last 14 days, the PI price has seen a drop of 12.4%. In the last seven days alone, the market has plummeted by over 20%.
On February 20, the price of PI was $1.84%. Currently, the price stands at $1.39 – at least 110.79% below the ATH of $2.93.
In conclusion, Pi Network users are losing patience, and many are turning to unauthorised account sales. While some seek a quick exit, security risks and potential bans loom large. Meanwhile, the PI price continues to fall, raising doubts about the project’s future.
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