Pi Network Users Reaches 10 Million But Loses 156M PI Coins

NOIDA (CoinChapter.com)— Pi Network announced it completed the KYC process for 10 million users. However, the project continues to court controversy. After repeated Pi Network open mainnet launch delays, scam allegations, and KYC delays, it is now missing PI coins.

The most recent controversy was the drop in PI coin IOU prices, which saw the Pi Network token price drop 98% from $40 to $0.38. The drop in PI coin price happened only on a few exchanges and on CoinMarketCap, leading to speculation that the price drop might be a fluke.

Despite the controversies, Pi Network did manage to accomplish a significant milestone.

Pi Network Reaches 10 Million Users

According to an announcement on April 16, the Pi Network team has successfully verified the identities of 10 million users through its native Know Your Customer (KYC) process. The milestone is part of the criteria for launching the platform’s mainnet.

The next milestone would be making Pi tokens tradeable once 15 million users have passed KYC verification.

Despite reaching this landmark, the business analytics platform AIMultiple has critiqued Pi Network, suggesting the project has “no value to users” because the team has not yet launched the open mainnet.

According to the announcement, the platform’s KYC system utilizes both automated technology and a community-driven verification process to ensure security and efficiency.

Nicolas Kokkalis, co-founder and head of technology at Pi Network, claimed that the 10 million users milestone underscores the industry’s potential to operate independently of traditional fiat systems.

The Pi Network team outlined further conditions for the launch of the open mainnet in 2024, which includes developing 100 Pi apps and completing necessary technological, product, business, and legal preparations, provided no adverse external factors interfere.

The Pi Network remains a testnet despite multiple promises of the open mainnet launch. As such, users are beginning to move away from the blockchain platform despite an aggressive marketing campaign by the Pi Network team.

There is a flurry of Pi Network-themed accounts on the social media platform X that shill the platform’s token, often with promises of a mainnet launch on this or that date. However, the official Pi Network account remains mysteriously silent on the topic.

Millions Of PI Coins Lost

Another of the Pi Network-themed X accounts, r/PiNetwork, highlighted that the Pi Network mainnet migration has resulted in the loss of nearly 157 million PI coins.

The criteria for lost PI coins is if the tokens remained unclaimed. Moreover, the r/PiNetwork admins claimed that the team would not be able to recirculate the lost coins.

Some users claimed that the lost tokens might be a burn event, but burning 150 million tokens out of a total supply of 3.6 billion token PI coins would not likely make much of a dent. It remains to be seen how the community would react to the news.