I’ve been a Pi Network user since 2020, diligently tapping the lightning bolt on my phone to mine Pi coins, drawn by the promise of accessible cryptocurrency for the masses. With over 100 million downloads and a vision to democratize crypto, Pi Network felt like a movement I could believe in. But after years of dedication, I’m facing a harsh reality: KYC verification struggles, missing tokens, and a string of red flags are making it incredibly hard to keep supporting this project. Here’s my story—and why I’m questioning whether Pi is worth my trust.

THE KYC NIGHTMARE

When Pi Network announced its open mainnet launch on February 20, 2025, I was thrilled. Finally, my mined coins could have real-world value, tradable on exchanges like OKX and Bitget. But to migrate my coins to the mainnet, I needed to complete Know Your Customer (KYC) verification—a process requiring my passport, driver’s license, and a facial scan. Simple enough, I thought. I was wrong.

I submitted my documents over a year ago, only to face endless error messages claiming my ID wasn’t clear, despite using high-quality scans. I resubmitted multiple times, waited months, and got no updates. On X, I found thousands of users in the same boat, some waiting years for approval.  There has been a "tentative approval" status that many people are still under to this day.  While in this status, you cannot move your coins to trade at all.  You are merely waiting for someone on the PI team to give you access to your coins.  One user, @JAMESZITO, completed KYC and the mainnet checklist but found his wallet empty. Pi claims 19 million users are KYC-verified, yet for those of us stuck, it feels like the system is broken.

The deadline to complete KYC and migrate coins was March 14, 2025. Miss it, and you’d lose most of your mined coins, except those from the last six months. I barely scraped through, but I know others who lost thousands of Pi due to delays beyond their control. Worse, some who completed KYC reported missing tokens in their mainnet wallets. After years of mining, the thought that my effort could vanish is gut-wrenching.

RED FLAGS PILING UP

The KYC ordeal is just the tip of the iceberg. Several issues have eroded my confidence in Pi Network:

1. Data Privacy Risks: Pi’s KYC process demands extensive personal data—names, IDs, facial scans, phone numbers. Unlike most cryptocurrencies that prioritize anonymity, Pi stores this on centralized servers. In 2021, reports flagged unencrypted data transmission, though Pi claims it was fixed. With no third-party audits, I’m left wondering if my data is safe. In a world of GDPR and CCPA, this feels like a gamble.

2. Lack of Transparency: Pi’s blockchain isn’t open-source, unlike Bitcoin or Ethereum, making it impossible to verify what’s happening behind the scenes. The core team controls mainnet nodes and migration, which clashes with their decentralization claims. Pi says 60 million users are on board, but only 12 million have mainnet wallets, and daily active wallets were just 42,136 in January 2025. Are the numbers inflated to hype the project?

3. Suspicious Activity: In May 2025, a wallet called GABT7EMP, allegedly tied to the core team, reportedly transferred 12 million Pi tokens as the price crashed from $1.60 to $0.70. Pi hasn’t addressed this, leaving users to speculate about a possible pump-and-dump. While unproven, the silence doesn’t inspire trust.

4. Price Volatility and Limited Reach: Pi’s price swung wildly after the mainnet launch, dropping from $1.84 to $0.64 in hours. It’s now around $1.66, but major exchanges like Binance and Coinbase haven’t listed it, citing transparency and regulatory concerns. Without broader adoption, Pi’s value feels shaky.

5. MLM Vibes: Pi’s referral system, where you earn more coins by inviting friends, reminds me of multi-level marketing. It’s not illegal, but it prioritizes recruitment over utility, making me question the project’s focus.

WHY IT'S HARD TO STAY COMMITTED

I want to believe in Pi Network. With 12 million mainnet wallets, over 80 DApps in development, and Chainlink integration on the horizon, there’s potential. The idea of crypto for everyone is inspiring, and I’ve invested a lot of time into this project. But the KYC delays, risk of losing coins, and lack of transparency are testing my resolve.

Every day, I check my wallet, hoping my tokens are still there and if they've been migrated to my wallet, wondering if Pi will deliver on its promises or if I’ve been chasing a mirage. The core team’s silence on critical issues, like the GABT7EMP transfer, and their control over the ecosystem make it hard to trust them fully. External scams targeting Pi users—fake buyers on Facebook, phishing wallets—add to the chaos, even if they’re not Pi’s fault.

WHERE I STAND NOW

I’m at a crossroads. Do I keep mining, hoping Pi becomes the next big thing, or cut my losses, knowing my coins could be worthless if trust keeps eroding? For now, I’m holding on, checking the Pi Browser for updates, and urging others to complete KYC through official channels. But my enthusiasm has faded, replaced by caution.

If you’re a Pi user, you might feel the same. Have you struggled with KYC? Lost tokens? Share your story—we’re in this together. Pi Network has a chance to prove itself, but it needs to address these red flags, open up its code, and rebuild trust. Until then, I’m giving it 110 percent, but with eyes wide open.

Disclaimer: This article is meant for general information purposes only and is not investment advice. Investment in cryptocurrency is very risky.

#WeOn